2023-010: Improve Information Security Program and Controls
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: 2022-024; 2021-024; 2020-024
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: Access Control; Awareness and Training; Incident Response; Information Security Roles and Responsibilities; Planning; Risk Assessment; Security Assessment and Authorization; System and Services Acquisition
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services continues to address weaknesses in its IT general controls originally identified in a 2020 audit and confirmed in a 2023 audit covering the same IT general controls conducted by Medical Assistance Services’ Internal Audit division. The 2020 audit tested 100 controls required by the Security Standard and identified 71 individual control weaknesses grouped into ten findings. Internal Audit conducted an audit in 2023 of 105 controls based on the current Security Standard requirements and identified 61 individual control weaknesses, a 58 percent noncompliance rate. Medical Assistance Services addressed one finding in fiscal year 2022 and an additional two findings during fiscal year 2023, which Internal Audit’s review confirmed. However, Internal Audit issued one new finding to Medical Assistance Services in addition to the seven repeat findings, covering the following control areas:
IT Security Governance
Access Management
System Security Plans
IT Security Policies and Procedures
Incident Response
Penetration Testing and Vulnerability Assessments
Third Party Vendor Management
Security Awareness and Training (new)
Noncompliance with the required security controls increases the risk for unauthorized access to mission-critical systems and data in addition to weakening the agency’s ability to respond to malicious attacks to its IT environment. Medical Assistance Services has experienced delays in addressing these findings due to ongoing staffing shortages, as well as lingering effects from organizational changes that affected some of its processes. Medical Assistance Services updated its corrective action plan for the seven repeat findings in June 2023, stating corrective actions are still ongoing with an estimated completion date of September 2023.
Medical Assistance Services should prioritize and dedicate the necessary resources to ensure timely completion of its corrective action plans and to become compliant with the Security Standard. These actions will help maintain the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-010: Improve Information Security Program and Controls
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: 2022-024; 2021-024; 2020-024
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: Access Control; Awareness and Training; Incident Response; Information Security Roles and Responsibilities; Planning; Risk Assessment; Security Assessment and Authorization; System and Services Acquisition
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services continues to address weaknesses in its IT general controls originally identified in a 2020 audit and confirmed in a 2023 audit covering the same IT general controls conducted by Medical Assistance Services’ Internal Audit division. The 2020 audit tested 100 controls required by the Security Standard and identified 71 individual control weaknesses grouped into ten findings. Internal Audit conducted an audit in 2023 of 105 controls based on the current Security Standard requirements and identified 61 individual control weaknesses, a 58 percent noncompliance rate. Medical Assistance Services addressed one finding in fiscal year 2022 and an additional two findings during fiscal year 2023, which Internal Audit’s review confirmed. However, Internal Audit issued one new finding to Medical Assistance Services in addition to the seven repeat findings, covering the following control areas:
IT Security Governance
Access Management
System Security Plans
IT Security Policies and Procedures
Incident Response
Penetration Testing and Vulnerability Assessments
Third Party Vendor Management
Security Awareness and Training (new)
Noncompliance with the required security controls increases the risk for unauthorized access to mission-critical systems and data in addition to weakening the agency’s ability to respond to malicious attacks to its IT environment. Medical Assistance Services has experienced delays in addressing these findings due to ongoing staffing shortages, as well as lingering effects from organizational changes that affected some of its processes. Medical Assistance Services updated its corrective action plan for the seven repeat findings in June 2023, stating corrective actions are still ongoing with an estimated completion date of September 2023.
Medical Assistance Services should prioritize and dedicate the necessary resources to ensure timely completion of its corrective action plans and to become compliant with the Security Standard. These actions will help maintain the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-010: Improve Information Security Program and Controls
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: 2022-024; 2021-024; 2020-024
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: Access Control; Awareness and Training; Incident Response; Information Security Roles and Responsibilities; Planning; Risk Assessment; Security Assessment and Authorization; System and Services Acquisition
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services continues to address weaknesses in its IT general controls originally identified in a 2020 audit and confirmed in a 2023 audit covering the same IT general controls conducted by Medical Assistance Services’ Internal Audit division. The 2020 audit tested 100 controls required by the Security Standard and identified 71 individual control weaknesses grouped into ten findings. Internal Audit conducted an audit in 2023 of 105 controls based on the current Security Standard requirements and identified 61 individual control weaknesses, a 58 percent noncompliance rate. Medical Assistance Services addressed one finding in fiscal year 2022 and an additional two findings during fiscal year 2023, which Internal Audit’s review confirmed. However, Internal Audit issued one new finding to Medical Assistance Services in addition to the seven repeat findings, covering the following control areas:
IT Security Governance
Access Management
System Security Plans
IT Security Policies and Procedures
Incident Response
Penetration Testing and Vulnerability Assessments
Third Party Vendor Management
Security Awareness and Training (new)
Noncompliance with the required security controls increases the risk for unauthorized access to mission-critical systems and data in addition to weakening the agency’s ability to respond to malicious attacks to its IT environment. Medical Assistance Services has experienced delays in addressing these findings due to ongoing staffing shortages, as well as lingering effects from organizational changes that affected some of its processes. Medical Assistance Services updated its corrective action plan for the seven repeat findings in June 2023, stating corrective actions are still ongoing with an estimated completion date of September 2023.
Medical Assistance Services should prioritize and dedicate the necessary resources to ensure timely completion of its corrective action plans and to become compliant with the Security Standard. These actions will help maintain the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-014: Continue Improving IT Risk Management Program
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-030; 2021-026; 2020-027; 2019-063; 2018-025
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to not have a formal and effective IT risk management program that aligns with the requirements in the Security Standard. As a result, Social Services does not complete various IT risk management documentation nor maintain an accurate list of sensitive systems. IT risk management documentation identifies the types of data stored and processed within its environment, the sensitivity classification of that data, potential risks and threats to the systems, and risk mitigating controls that Social Services should implement.
Since we first issued this finding in 2018, Social Services has made progress to remediate the issues identified. However, Social Services continues to not comply with the following Security Standard requirements:
Social Services does not verify and validate the data and system sensitivity ratings of its systems to ensure proper IT system sensitivity ratings. Social Services’ systems list includes 89 systems. Social Services classifies 77 of the 89 systems (87%) as sensitive systems based on the sensitive data handled by each system. Social Services classifies four of the 89 systems (4%) as nonsensitive systems. Social Services does not rate eight of the 89 systems (9%). However, five of the eight unrated systems transmit, process, or store sensitive data sets or support critical business processes and therefore, Social Services should consider these to be sensitive systems. The remaining three of the eight unrated systems do not transmit, process, or store sensitive data sets or support critical business processes and therefore, Social Services should consider these nonsensitive systems. The Security Standard defines sensitive systems as systems that transmit, process, or store sensitive data sets or support sensitive business processes. Without a process to maintain an updated sensitive systems list and verify and validate IT system and data sensitivity, Social Services increases the risk of not properly defining all sensitive systems within its IT environment. Failure to identify sensitive systems increases the likelihood of Social Services inadequately addressing risks, vulnerabilities, and remediation techniques necessary to protect sensitive IT systems and data. (Security Standard, Section 4.2.6 IT System and Data Sensitivity Classification)
Social Services does not create or annually review risk assessments and system security plans (SSP) for every sensitive system. Social Services’ systems list indicates 77 systems classified as sensitive systems, and the systems list includes five additional systems without a sensitivity classification that process and store sensitive data and therefore should be classified as sensitive systems. Several of these systems have no or only partial risk assessment and SSP documentation. Specifically:
Risk assessment documentation does not exist for 64 (78%) systems.
Annual review documentation does not exist for 82 (100%) of the existing risk assessments.
SSP documentation does not exist for 45 (55%) systems.
Annual review documentation does not exist for 82 (100%) of the existing SSPs.
The Security Standard requires the agency to conduct and document a risk assessment for each IT system classified as a sensitive system at least once every three years. The Security Standard also requires the agency to develop and distribute to appropriate organization-defined personnel a security plan for the information system. Without completing risk assessments and SSPs for all sensitive systems, Social Services may not appropriately secure its systems against known vulnerabilities that can affect the confidentiality, integrity, and availability of sensitive and mission-critical data. (Security Standard, Sections 6.2 Risk Assessment Requirements, RA-3 Risk Assessment and PL-2 System Security Plan).
The Security Standard requires Social Services to review and update completed risk assessments annually or when changes occur that may impact the security state of the system, and to review and update each SSP on an annual basis or more frequently to address environmental changes. Without conducting an annual review and update of the risk assessment and SSP for each IT system classified as sensitive, Social Services may not adequately secure its sensitive systems against new vulnerabilities that can affect data confidentiality, integrity, and availability. (Security Standard, Sections RA-3 Risk Assessment and PL-2 System Security Plan)
Social Services does not implement corrective actions to mitigate risks in its sensitive systems’ risk assessments. The Security Standard requires Social Services to prepare a report of each risk assessment that includes major findings and risk mitigation efforts (Security Standard, Section 6.2.3 Risk Assessment). While Social Services documents a list of risk remediation plans and a schedule within its risk assessments, Social Services does not have a process to establish effective corrective action plans to mitigate findings identified during the risk assessments. Without properly establishing and implementing corrective actions, Social Services opens its systems to possible risks and vulnerabilities that could compromise the agency’s sensitive information.
Without documenting risk management information for all its sensitive systems and reviewing the documentation at least annually, Social Services may not consistently and effectively manage its IT risk management program. An effective IT risk management program is essential to help protect IT systems and data from potential risks. Specifically, Social Services cannot prioritize information security controls to implement or determine if proper information security controls are in place. Ineffective security controls could lead to a breach of data or unauthorized access to sensitive and confidential data.
Social Services’ Information Security Risk Management (ISRM) oversees the risk management program on behalf of business owners and hired an IT Risk Manager in 2020. ISRM has prioritized completing risk assessments and SSPs for new systems; however, due to the magnitude of the project, ISRM has not yet completed the project. Additionally, the risk assessment requirements documented in the risk assessment policy and the risk assessment process documented in the risk assessment procedure do not align, which contributed to Social Services not consistently completing risk management documentation due to conflicting roles and responsibilities.
Social Services should develop a plan and prioritize resources to complete risk management documentation for its sensitive systems and review those documents annually to validate that the information reflects the current environment. Additionally, Social Services should implement security controls to mitigate the risks and vulnerabilities identified in its risk assessments. Improving the IT risk management program will help to ensure the confidentiality, integrity, and availability of the agency’s sensitive systems and mission essential functions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-014: Continue Improving IT Risk Management Program
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-030; 2021-026; 2020-027; 2019-063; 2018-025
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to not have a formal and effective IT risk management program that aligns with the requirements in the Security Standard. As a result, Social Services does not complete various IT risk management documentation nor maintain an accurate list of sensitive systems. IT risk management documentation identifies the types of data stored and processed within its environment, the sensitivity classification of that data, potential risks and threats to the systems, and risk mitigating controls that Social Services should implement.
Since we first issued this finding in 2018, Social Services has made progress to remediate the issues identified. However, Social Services continues to not comply with the following Security Standard requirements:
Social Services does not verify and validate the data and system sensitivity ratings of its systems to ensure proper IT system sensitivity ratings. Social Services’ systems list includes 89 systems. Social Services classifies 77 of the 89 systems (87%) as sensitive systems based on the sensitive data handled by each system. Social Services classifies four of the 89 systems (4%) as nonsensitive systems. Social Services does not rate eight of the 89 systems (9%). However, five of the eight unrated systems transmit, process, or store sensitive data sets or support critical business processes and therefore, Social Services should consider these to be sensitive systems. The remaining three of the eight unrated systems do not transmit, process, or store sensitive data sets or support critical business processes and therefore, Social Services should consider these nonsensitive systems. The Security Standard defines sensitive systems as systems that transmit, process, or store sensitive data sets or support sensitive business processes. Without a process to maintain an updated sensitive systems list and verify and validate IT system and data sensitivity, Social Services increases the risk of not properly defining all sensitive systems within its IT environment. Failure to identify sensitive systems increases the likelihood of Social Services inadequately addressing risks, vulnerabilities, and remediation techniques necessary to protect sensitive IT systems and data. (Security Standard, Section 4.2.6 IT System and Data Sensitivity Classification)
Social Services does not create or annually review risk assessments and system security plans (SSP) for every sensitive system. Social Services’ systems list indicates 77 systems classified as sensitive systems, and the systems list includes five additional systems without a sensitivity classification that process and store sensitive data and therefore should be classified as sensitive systems. Several of these systems have no or only partial risk assessment and SSP documentation. Specifically:
Risk assessment documentation does not exist for 64 (78%) systems.
Annual review documentation does not exist for 82 (100%) of the existing risk assessments.
SSP documentation does not exist for 45 (55%) systems.
Annual review documentation does not exist for 82 (100%) of the existing SSPs.
The Security Standard requires the agency to conduct and document a risk assessment for each IT system classified as a sensitive system at least once every three years. The Security Standard also requires the agency to develop and distribute to appropriate organization-defined personnel a security plan for the information system. Without completing risk assessments and SSPs for all sensitive systems, Social Services may not appropriately secure its systems against known vulnerabilities that can affect the confidentiality, integrity, and availability of sensitive and mission-critical data. (Security Standard, Sections 6.2 Risk Assessment Requirements, RA-3 Risk Assessment and PL-2 System Security Plan).
The Security Standard requires Social Services to review and update completed risk assessments annually or when changes occur that may impact the security state of the system, and to review and update each SSP on an annual basis or more frequently to address environmental changes. Without conducting an annual review and update of the risk assessment and SSP for each IT system classified as sensitive, Social Services may not adequately secure its sensitive systems against new vulnerabilities that can affect data confidentiality, integrity, and availability. (Security Standard, Sections RA-3 Risk Assessment and PL-2 System Security Plan)
Social Services does not implement corrective actions to mitigate risks in its sensitive systems’ risk assessments. The Security Standard requires Social Services to prepare a report of each risk assessment that includes major findings and risk mitigation efforts (Security Standard, Section 6.2.3 Risk Assessment). While Social Services documents a list of risk remediation plans and a schedule within its risk assessments, Social Services does not have a process to establish effective corrective action plans to mitigate findings identified during the risk assessments. Without properly establishing and implementing corrective actions, Social Services opens its systems to possible risks and vulnerabilities that could compromise the agency’s sensitive information.
Without documenting risk management information for all its sensitive systems and reviewing the documentation at least annually, Social Services may not consistently and effectively manage its IT risk management program. An effective IT risk management program is essential to help protect IT systems and data from potential risks. Specifically, Social Services cannot prioritize information security controls to implement or determine if proper information security controls are in place. Ineffective security controls could lead to a breach of data or unauthorized access to sensitive and confidential data.
Social Services’ Information Security Risk Management (ISRM) oversees the risk management program on behalf of business owners and hired an IT Risk Manager in 2020. ISRM has prioritized completing risk assessments and SSPs for new systems; however, due to the magnitude of the project, ISRM has not yet completed the project. Additionally, the risk assessment requirements documented in the risk assessment policy and the risk assessment process documented in the risk assessment procedure do not align, which contributed to Social Services not consistently completing risk management documentation due to conflicting roles and responsibilities.
Social Services should develop a plan and prioritize resources to complete risk management documentation for its sensitive systems and review those documents annually to validate that the information reflects the current environment. Additionally, Social Services should implement security controls to mitigate the risks and vulnerabilities identified in its risk assessments. Improving the IT risk management program will help to ensure the confidentiality, integrity, and availability of the agency’s sensitive systems and mission essential functions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-014: Continue Improving IT Risk Management Program
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-030; 2021-026; 2020-027; 2019-063; 2018-025
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to not have a formal and effective IT risk management program that aligns with the requirements in the Security Standard. As a result, Social Services does not complete various IT risk management documentation nor maintain an accurate list of sensitive systems. IT risk management documentation identifies the types of data stored and processed within its environment, the sensitivity classification of that data, potential risks and threats to the systems, and risk mitigating controls that Social Services should implement.
Since we first issued this finding in 2018, Social Services has made progress to remediate the issues identified. However, Social Services continues to not comply with the following Security Standard requirements:
Social Services does not verify and validate the data and system sensitivity ratings of its systems to ensure proper IT system sensitivity ratings. Social Services’ systems list includes 89 systems. Social Services classifies 77 of the 89 systems (87%) as sensitive systems based on the sensitive data handled by each system. Social Services classifies four of the 89 systems (4%) as nonsensitive systems. Social Services does not rate eight of the 89 systems (9%). However, five of the eight unrated systems transmit, process, or store sensitive data sets or support critical business processes and therefore, Social Services should consider these to be sensitive systems. The remaining three of the eight unrated systems do not transmit, process, or store sensitive data sets or support critical business processes and therefore, Social Services should consider these nonsensitive systems. The Security Standard defines sensitive systems as systems that transmit, process, or store sensitive data sets or support sensitive business processes. Without a process to maintain an updated sensitive systems list and verify and validate IT system and data sensitivity, Social Services increases the risk of not properly defining all sensitive systems within its IT environment. Failure to identify sensitive systems increases the likelihood of Social Services inadequately addressing risks, vulnerabilities, and remediation techniques necessary to protect sensitive IT systems and data. (Security Standard, Section 4.2.6 IT System and Data Sensitivity Classification)
Social Services does not create or annually review risk assessments and system security plans (SSP) for every sensitive system. Social Services’ systems list indicates 77 systems classified as sensitive systems, and the systems list includes five additional systems without a sensitivity classification that process and store sensitive data and therefore should be classified as sensitive systems. Several of these systems have no or only partial risk assessment and SSP documentation. Specifically:
Risk assessment documentation does not exist for 64 (78%) systems.
Annual review documentation does not exist for 82 (100%) of the existing risk assessments.
SSP documentation does not exist for 45 (55%) systems.
Annual review documentation does not exist for 82 (100%) of the existing SSPs.
The Security Standard requires the agency to conduct and document a risk assessment for each IT system classified as a sensitive system at least once every three years. The Security Standard also requires the agency to develop and distribute to appropriate organization-defined personnel a security plan for the information system. Without completing risk assessments and SSPs for all sensitive systems, Social Services may not appropriately secure its systems against known vulnerabilities that can affect the confidentiality, integrity, and availability of sensitive and mission-critical data. (Security Standard, Sections 6.2 Risk Assessment Requirements, RA-3 Risk Assessment and PL-2 System Security Plan).
The Security Standard requires Social Services to review and update completed risk assessments annually or when changes occur that may impact the security state of the system, and to review and update each SSP on an annual basis or more frequently to address environmental changes. Without conducting an annual review and update of the risk assessment and SSP for each IT system classified as sensitive, Social Services may not adequately secure its sensitive systems against new vulnerabilities that can affect data confidentiality, integrity, and availability. (Security Standard, Sections RA-3 Risk Assessment and PL-2 System Security Plan)
Social Services does not implement corrective actions to mitigate risks in its sensitive systems’ risk assessments. The Security Standard requires Social Services to prepare a report of each risk assessment that includes major findings and risk mitigation efforts (Security Standard, Section 6.2.3 Risk Assessment). While Social Services documents a list of risk remediation plans and a schedule within its risk assessments, Social Services does not have a process to establish effective corrective action plans to mitigate findings identified during the risk assessments. Without properly establishing and implementing corrective actions, Social Services opens its systems to possible risks and vulnerabilities that could compromise the agency’s sensitive information.
Without documenting risk management information for all its sensitive systems and reviewing the documentation at least annually, Social Services may not consistently and effectively manage its IT risk management program. An effective IT risk management program is essential to help protect IT systems and data from potential risks. Specifically, Social Services cannot prioritize information security controls to implement or determine if proper information security controls are in place. Ineffective security controls could lead to a breach of data or unauthorized access to sensitive and confidential data.
Social Services’ Information Security Risk Management (ISRM) oversees the risk management program on behalf of business owners and hired an IT Risk Manager in 2020. ISRM has prioritized completing risk assessments and SSPs for new systems; however, due to the magnitude of the project, ISRM has not yet completed the project. Additionally, the risk assessment requirements documented in the risk assessment policy and the risk assessment process documented in the risk assessment procedure do not align, which contributed to Social Services not consistently completing risk management documentation due to conflicting roles and responsibilities.
Social Services should develop a plan and prioritize resources to complete risk management documentation for its sensitive systems and review those documents annually to validate that the information reflects the current environment. Additionally, Social Services should implement security controls to mitigate the risks and vulnerabilities identified in its risk assessments. Improving the IT risk management program will help to ensure the confidentiality, integrity, and availability of the agency’s sensitive systems and mission essential functions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-015: Improve Web Application Security
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-029; 2021-025; 2020-026; 2019-037
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability; Configuration Management; Risk Assessment; System and Information Integrity
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to not configure a sensitive web application in accordance with the Security Standard. Since the prior audit, Social Services has not remediated any of the previously identified weaknesses. We communicated the weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard requires agencies to implement certain controls that reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Lacking and insufficient procedures and processes to manage the web application contributed to the five weaknesses outlined in the separate FOIAE document. Additionally, Social Services prioritizing other projects also contributed to the weaknesses persisting. Not configuring web applications in accordance with the Security Standard increases the risk of successful cyberattack, exploit, and data breach by malicious parties.
Social Services should dedicate the necessary resources to remediate the weaknesses discussed in the communication marked FOIAE in accordance with the requirements in the Security Standard. Proper configuration of the web application will help Social Services to protect its sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-015: Improve Web Application Security
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-029; 2021-025; 2020-026; 2019-037
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability; Configuration Management; Risk Assessment; System and Information Integrity
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to not configure a sensitive web application in accordance with the Security Standard. Since the prior audit, Social Services has not remediated any of the previously identified weaknesses. We communicated the weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard requires agencies to implement certain controls that reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Lacking and insufficient procedures and processes to manage the web application contributed to the five weaknesses outlined in the separate FOIAE document. Additionally, Social Services prioritizing other projects also contributed to the weaknesses persisting. Not configuring web applications in accordance with the Security Standard increases the risk of successful cyberattack, exploit, and data breach by malicious parties.
Social Services should dedicate the necessary resources to remediate the weaknesses discussed in the communication marked FOIAE in accordance with the requirements in the Security Standard. Proper configuration of the web application will help Social Services to protect its sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-015: Improve Web Application Security
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-029; 2021-025; 2020-026; 2019-037
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability; Configuration Management; Risk Assessment; System and Information Integrity
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to not configure a sensitive web application in accordance with the Security Standard. Since the prior audit, Social Services has not remediated any of the previously identified weaknesses. We communicated the weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard requires agencies to implement certain controls that reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Lacking and insufficient procedures and processes to manage the web application contributed to the five weaknesses outlined in the separate FOIAE document. Additionally, Social Services prioritizing other projects also contributed to the weaknesses persisting. Not configuring web applications in accordance with the Security Standard increases the risk of successful cyberattack, exploit, and data breach by malicious parties.
Social Services should dedicate the necessary resources to remediate the weaknesses discussed in the communication marked FOIAE in accordance with the requirements in the Security Standard. Proper configuration of the web application will help Social Services to protect its sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-027: Improve Information Security Program and IT Governance
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-022
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: Information Security Roles and Responsibilities
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services has an insufficient governance structure to manage and maintain its information security program in accordance with the Security Standard. Specifically, Social Services does not assess information security requirements for its IT projects and prioritize information security and information technology resources to ensure its information security program effectively protects sensitive Commonwealth data in accordance with the Security Standard.
The Security Standard, Section 2.4.2, requires the agency head to maintain an information security program that is sufficient to protect the agency’s IT systems and to ensure the information security program is documented and effectively communicated. We communicated the control weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia due to its sensitivity and description of security controls.
The control weaknesses described in the communication marked FOIAE are the result of Social Services not assessing information security requirements prior to project implementation and prioritizing information security within the IT environment. Social Services has hindered its ability to consistently and timely remediate findings from management recommendations issued throughout prior year audits and bring the information security program in compliance with the Security Standard by not dedicating the necessary IT resources to information security. Not prioritizing information technology resources to properly manage its information security program can result in a data breach or unauthorized access to confidential and mission-critical data, leading to data corruption, data loss, or system disruption if accessed by a malicious attacker, either internal or external. Because of the scope of this matter and the magnitude of Social Services’ information system security responsibilities, we consider these weaknesses collectively to create a material weakness in internal controls over compliance.
In July 2023, the Governor appointed a Chief Deputy Commissioner, who is responsible for overseeing Social Services’ information technology and security functions. Social Services should evaluate the most efficient and effective method to bring its IT and security program into compliance with the Security Standard. Social Services should also evaluate its IT resource levels to ensure sufficient resources are available and dedicated to prioritizing and implementing IT governance changes and address the control deficiencies discussed in the communication marked FOIAE. Implementing these recommendations will help to ensure Social Services protects the confidentiality, integrity, and availability of its sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-027: Improve Information Security Program and IT Governance
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-022
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: Information Security Roles and Responsibilities
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services has an insufficient governance structure to manage and maintain its information security program in accordance with the Security Standard. Specifically, Social Services does not assess information security requirements for its IT projects and prioritize information security and information technology resources to ensure its information security program effectively protects sensitive Commonwealth data in accordance with the Security Standard.
The Security Standard, Section 2.4.2, requires the agency head to maintain an information security program that is sufficient to protect the agency’s IT systems and to ensure the information security program is documented and effectively communicated. We communicated the control weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia due to its sensitivity and description of security controls.
The control weaknesses described in the communication marked FOIAE are the result of Social Services not assessing information security requirements prior to project implementation and prioritizing information security within the IT environment. Social Services has hindered its ability to consistently and timely remediate findings from management recommendations issued throughout prior year audits and bring the information security program in compliance with the Security Standard by not dedicating the necessary IT resources to information security. Not prioritizing information technology resources to properly manage its information security program can result in a data breach or unauthorized access to confidential and mission-critical data, leading to data corruption, data loss, or system disruption if accessed by a malicious attacker, either internal or external. Because of the scope of this matter and the magnitude of Social Services’ information system security responsibilities, we consider these weaknesses collectively to create a material weakness in internal controls over compliance.
In July 2023, the Governor appointed a Chief Deputy Commissioner, who is responsible for overseeing Social Services’ information technology and security functions. Social Services should evaluate the most efficient and effective method to bring its IT and security program into compliance with the Security Standard. Social Services should also evaluate its IT resource levels to ensure sufficient resources are available and dedicated to prioritizing and implementing IT governance changes and address the control deficiencies discussed in the communication marked FOIAE. Implementing these recommendations will help to ensure Social Services protects the confidentiality, integrity, and availability of its sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-027: Improve Information Security Program and IT Governance
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-022
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: Information Security Roles and Responsibilities
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services has an insufficient governance structure to manage and maintain its information security program in accordance with the Security Standard. Specifically, Social Services does not assess information security requirements for its IT projects and prioritize information security and information technology resources to ensure its information security program effectively protects sensitive Commonwealth data in accordance with the Security Standard.
The Security Standard, Section 2.4.2, requires the agency head to maintain an information security program that is sufficient to protect the agency’s IT systems and to ensure the information security program is documented and effectively communicated. We communicated the control weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia due to its sensitivity and description of security controls.
The control weaknesses described in the communication marked FOIAE are the result of Social Services not assessing information security requirements prior to project implementation and prioritizing information security within the IT environment. Social Services has hindered its ability to consistently and timely remediate findings from management recommendations issued throughout prior year audits and bring the information security program in compliance with the Security Standard by not dedicating the necessary IT resources to information security. Not prioritizing information technology resources to properly manage its information security program can result in a data breach or unauthorized access to confidential and mission-critical data, leading to data corruption, data loss, or system disruption if accessed by a malicious attacker, either internal or external. Because of the scope of this matter and the magnitude of Social Services’ information system security responsibilities, we consider these weaknesses collectively to create a material weakness in internal controls over compliance.
In July 2023, the Governor appointed a Chief Deputy Commissioner, who is responsible for overseeing Social Services’ information technology and security functions. Social Services should evaluate the most efficient and effective method to bring its IT and security program into compliance with the Security Standard. Social Services should also evaluate its IT resource levels to ensure sufficient resources are available and dedicated to prioritizing and implementing IT governance changes and address the control deficiencies discussed in the communication marked FOIAE. Implementing these recommendations will help to ensure Social Services protects the confidentiality, integrity, and availability of its sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-034: Evaluate Separation of Duty Conflicts within the Case Management System
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services has not performed nor documented a conflicting access review for its case management system to identify the combination of roles that could pose a separation of duties conflict and ensure compensating controls are in place to mitigate risks arising from those conflicts. Social Services uses the case management system to determine applicant eligibility and authorize benefit payments for the Medicaid Cluster, Child Care and Development Fund Cluster, SNAP Cluster, TANF, and Low-Income Household Energy Assistance (LIHEA) federal grant programs. Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
The Security Standard, Section 8.1 AC-5, requires the agency to separate duties of individuals as necessary, document separation of duties of individuals, and define information system access authorization to support the separation of duties. Social Services, in collaboration with its service provider, has documented role-based security access. However, due to lack of management oversight, the documentation did not include a review of conflicting role access and Social Services has not properly updated the documentation even though the case management system has undergone multiple changes and upgrades since its initial release over ten years ago. By not performing and documenting a conflicting access review, Social Services does not know which combinations of roles pose a separation of duties conflict and could potentially create opportunities for users to exploit vulnerabilities in the case management system.
Social Services should perform and document a conflicting access review for the case management system to identify the combinations of roles that could pose separation of duties conflicts and ensure compensating controls are in place to mitigate risks arising from those conflicts. Additionally, Social Services should update the role-based security access documentation to reflect all system changes from prior case management system related releases.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-034: Evaluate Separation of Duty Conflicts within the Case Management System
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services has not performed nor documented a conflicting access review for its case management system to identify the combination of roles that could pose a separation of duties conflict and ensure compensating controls are in place to mitigate risks arising from those conflicts. Social Services uses the case management system to determine applicant eligibility and authorize benefit payments for the Medicaid Cluster, Child Care and Development Fund Cluster, SNAP Cluster, TANF, and Low-Income Household Energy Assistance (LIHEA) federal grant programs. Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
The Security Standard, Section 8.1 AC-5, requires the agency to separate duties of individuals as necessary, document separation of duties of individuals, and define information system access authorization to support the separation of duties. Social Services, in collaboration with its service provider, has documented role-based security access. However, due to lack of management oversight, the documentation did not include a review of conflicting role access and Social Services has not properly updated the documentation even though the case management system has undergone multiple changes and upgrades since its initial release over ten years ago. By not performing and documenting a conflicting access review, Social Services does not know which combinations of roles pose a separation of duties conflict and could potentially create opportunities for users to exploit vulnerabilities in the case management system.
Social Services should perform and document a conflicting access review for the case management system to identify the combinations of roles that could pose separation of duties conflicts and ensure compensating controls are in place to mitigate risks arising from those conflicts. Additionally, Social Services should update the role-based security access documentation to reflect all system changes from prior case management system related releases.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-034: Evaluate Separation of Duty Conflicts within the Case Management System
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services has not performed nor documented a conflicting access review for its case management system to identify the combination of roles that could pose a separation of duties conflict and ensure compensating controls are in place to mitigate risks arising from those conflicts. Social Services uses the case management system to determine applicant eligibility and authorize benefit payments for the Medicaid Cluster, Child Care and Development Fund Cluster, SNAP Cluster, TANF, and Low-Income Household Energy Assistance (LIHEA) federal grant programs. Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
The Security Standard, Section 8.1 AC-5, requires the agency to separate duties of individuals as necessary, document separation of duties of individuals, and define information system access authorization to support the separation of duties. Social Services, in collaboration with its service provider, has documented role-based security access. However, due to lack of management oversight, the documentation did not include a review of conflicting role access and Social Services has not properly updated the documentation even though the case management system has undergone multiple changes and upgrades since its initial release over ten years ago. By not performing and documenting a conflicting access review, Social Services does not know which combinations of roles pose a separation of duties conflict and could potentially create opportunities for users to exploit vulnerabilities in the case management system.
Social Services should perform and document a conflicting access review for the case management system to identify the combinations of roles that could pose separation of duties conflicts and ensure compensating controls are in place to mitigate risks arising from those conflicts. Additionally, Social Services should update the role-based security access documentation to reflect all system changes from prior case management system related releases.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-035: Perform Annual Review of Case Management System Access
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services did not perform the required annual access review for its case management system during fiscal year 2023. Social Services uses the case management system to determine applicant eligibility and authorize benefit payments for the Medicaid Cluster, Child Care and Development Fund Cluster, SNAP Cluster, TANF, and LIHEA federal grant programs. Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
The Security Standard, Section 8.1 AC-2(j), requires the agency to review accounts for compliance with account management on an annual basis. Additionally, Social Services’ policies and procedures require an annual review of user accounts to verify access privileges of active employees for every role-based access system and this review must be completed within 364 days of the last completion of access review. The annual access review for the case management system was not performed during fiscal year 2023 due to staff turnover. By not performing this annual access review, Social Services increases the risk of improper or unnecessary access to sensitive systems, which could result in a breach in data security. Social Services should perform an annual access review of user accounts for the case management system as required by the Security Standard and the agency’s policies and procedures.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-035: Perform Annual Review of Case Management System Access
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services did not perform the required annual access review for its case management system during fiscal year 2023. Social Services uses the case management system to determine applicant eligibility and authorize benefit payments for the Medicaid Cluster, Child Care and Development Fund Cluster, SNAP Cluster, TANF, and LIHEA federal grant programs. Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
The Security Standard, Section 8.1 AC-2(j), requires the agency to review accounts for compliance with account management on an annual basis. Additionally, Social Services’ policies and procedures require an annual review of user accounts to verify access privileges of active employees for every role-based access system and this review must be completed within 364 days of the last completion of access review. The annual access review for the case management system was not performed during fiscal year 2023 due to staff turnover. By not performing this annual access review, Social Services increases the risk of improper or unnecessary access to sensitive systems, which could result in a breach in data security. Social Services should perform an annual access review of user accounts for the case management system as required by the Security Standard and the agency’s policies and procedures.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-035: Perform Annual Review of Case Management System Access
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services did not perform the required annual access review for its case management system during fiscal year 2023. Social Services uses the case management system to determine applicant eligibility and authorize benefit payments for the Medicaid Cluster, Child Care and Development Fund Cluster, SNAP Cluster, TANF, and LIHEA federal grant programs. Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
The Security Standard, Section 8.1 AC-2(j), requires the agency to review accounts for compliance with account management on an annual basis. Additionally, Social Services’ policies and procedures require an annual review of user accounts to verify access privileges of active employees for every role-based access system and this review must be completed within 364 days of the last completion of access review. The annual access review for the case management system was not performed during fiscal year 2023 due to staff turnover. By not performing this annual access review, Social Services increases the risk of improper or unnecessary access to sensitive systems, which could result in a breach in data security. Social Services should perform an annual access review of user accounts for the case management system as required by the Security Standard and the agency’s policies and procedures.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-036: Perform Annual System Access Reviews
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services has not performed an annual access review for two of three user groups of the claims processing module of the Medicaid management system since June 2022. Medical Assistance Services completed an annual access review of Medical Assistance Services’ employees but did not perform an annual review of the Social Services’ and contractors’ user groups. The Social Services and contractor user groups represent almost ninety percent of the total users of the system.
The Security Standard, Section 8.1 AC-2, requires the agency to review accounts for compliance with account management requirements on an annual basis. Medical Assistance Services encountered issues after the implementation of the Medicaid management system including lack of staff and budgetary constraints, causing management to defer the review process.
By not reviewing access on an annual basis, Medical Assistance Services cannot verify that each user’s access is appropriate based on job functions; does not violate the principles of least privilege or separation of duties; and is configured appropriately. Lack of an annual access review increases the risk that a user retains inappropriate access, which could lead to unauthorized access to sensitive information. Medical Assistance Services should perform an annual review of Social Services’ and contractors’ access to identify unnecessary access due to terminations or changes in responsibilities.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-036: Perform Annual System Access Reviews
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services has not performed an annual access review for two of three user groups of the claims processing module of the Medicaid management system since June 2022. Medical Assistance Services completed an annual access review of Medical Assistance Services’ employees but did not perform an annual review of the Social Services’ and contractors’ user groups. The Social Services and contractor user groups represent almost ninety percent of the total users of the system.
The Security Standard, Section 8.1 AC-2, requires the agency to review accounts for compliance with account management requirements on an annual basis. Medical Assistance Services encountered issues after the implementation of the Medicaid management system including lack of staff and budgetary constraints, causing management to defer the review process.
By not reviewing access on an annual basis, Medical Assistance Services cannot verify that each user’s access is appropriate based on job functions; does not violate the principles of least privilege or separation of duties; and is configured appropriately. Lack of an annual access review increases the risk that a user retains inappropriate access, which could lead to unauthorized access to sensitive information. Medical Assistance Services should perform an annual review of Social Services’ and contractors’ access to identify unnecessary access due to terminations or changes in responsibilities.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-036: Perform Annual System Access Reviews
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services has not performed an annual access review for two of three user groups of the claims processing module of the Medicaid management system since June 2022. Medical Assistance Services completed an annual access review of Medical Assistance Services’ employees but did not perform an annual review of the Social Services’ and contractors’ user groups. The Social Services and contractor user groups represent almost ninety percent of the total users of the system.
The Security Standard, Section 8.1 AC-2, requires the agency to review accounts for compliance with account management requirements on an annual basis. Medical Assistance Services encountered issues after the implementation of the Medicaid management system including lack of staff and budgetary constraints, causing management to defer the review process.
By not reviewing access on an annual basis, Medical Assistance Services cannot verify that each user’s access is appropriate based on job functions; does not violate the principles of least privilege or separation of duties; and is configured appropriately. Lack of an annual access review increases the risk that a user retains inappropriate access, which could lead to unauthorized access to sensitive information. Medical Assistance Services should perform an annual review of Social Services’ and contractors’ access to identify unnecessary access due to terminations or changes in responsibilities.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-043: Monitor Internal Controls to Ensure Timely Removal of System Access
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-059; 2021-038;2021-027;2020-025;2019-027;2018-042
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Personnel Security
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to implement internal controls to monitor the timely removal of system access. The Security Standard, Section PS-4, requires the organization to disable information system access within 24 hours of employment termination. In prior audits, we identified instances where Social Services did not remove separated employee access in accordance with the Security Standard.
In response to the prior audit recommendations, Social Services formed an agency-wide working group to determine the exact processes needed to implement the internal controls necessary to address the audit recommendations. Additionally, Social Services’ ISRM function and the Division of Human Resources (Human Resources) have worked together to discuss implementing new reporting and interface processes between its internal human resources system and the Commonwealth’s human resources system. However, because of the extent of its corrective actions, Social Services was not able to implement all of them by the end of fiscal year 2023.
Social Services administers numerous public assistance programs that collect personally identifiable information and other protected information from beneficiaries. Social Services places its data and reputation at risk by not removing access timely. Additionally, Social Services could incur potential financial liabilities should its information become compromised. Therefore, Social Services should continue its corrective action efforts to implement internal controls to monitor the timely removal of system access.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-043: Monitor Internal Controls to Ensure Timely Removal of System Access
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-059; 2021-038;2021-027;2020-025;2019-027;2018-042
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Personnel Security
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to implement internal controls to monitor the timely removal of system access. The Security Standard, Section PS-4, requires the organization to disable information system access within 24 hours of employment termination. In prior audits, we identified instances where Social Services did not remove separated employee access in accordance with the Security Standard.
In response to the prior audit recommendations, Social Services formed an agency-wide working group to determine the exact processes needed to implement the internal controls necessary to address the audit recommendations. Additionally, Social Services’ ISRM function and the Division of Human Resources (Human Resources) have worked together to discuss implementing new reporting and interface processes between its internal human resources system and the Commonwealth’s human resources system. However, because of the extent of its corrective actions, Social Services was not able to implement all of them by the end of fiscal year 2023.
Social Services administers numerous public assistance programs that collect personally identifiable information and other protected information from beneficiaries. Social Services places its data and reputation at risk by not removing access timely. Additionally, Social Services could incur potential financial liabilities should its information become compromised. Therefore, Social Services should continue its corrective action efforts to implement internal controls to monitor the timely removal of system access.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-043: Monitor Internal Controls to Ensure Timely Removal of System Access
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-059; 2021-038;2021-027;2020-025;2019-027;2018-042
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Personnel Security
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to implement internal controls to monitor the timely removal of system access. The Security Standard, Section PS-4, requires the organization to disable information system access within 24 hours of employment termination. In prior audits, we identified instances where Social Services did not remove separated employee access in accordance with the Security Standard.
In response to the prior audit recommendations, Social Services formed an agency-wide working group to determine the exact processes needed to implement the internal controls necessary to address the audit recommendations. Additionally, Social Services’ ISRM function and the Division of Human Resources (Human Resources) have worked together to discuss implementing new reporting and interface processes between its internal human resources system and the Commonwealth’s human resources system. However, because of the extent of its corrective actions, Social Services was not able to implement all of them by the end of fiscal year 2023.
Social Services administers numerous public assistance programs that collect personally identifiable information and other protected information from beneficiaries. Social Services places its data and reputation at risk by not removing access timely. Additionally, Social Services could incur potential financial liabilities should its information become compromised. Therefore, Social Services should continue its corrective action efforts to implement internal controls to monitor the timely removal of system access.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-049: Continue Improving IT Change and Configuration Management Process
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-052; 2021-049; 2020-044; 2019-038
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Configuration Management
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to improve its IT change and configuration management process to align with the Security Standard. Change management is a key control to evaluate, approve, and verify configuration changes to security components. Two weaknesses remain since our last review, which we communicated to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard requires agencies to implement certain controls that reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Social Services’ Change Management Process Guide details the process Social Services follows to manage changes, but does not include all the required elements, which contributed to the weaknesses remaining. Additionally, the change request form does not have the necessary fields to document the required elements. Not aligning IT change management processes with the Security Standard increases the risk of a data breach or unauthorized access to confidential and mission-critical data, leading to data corruption, data loss, or system disruption if accessed by a malicious attacker, either internal or external.
Social Services should resolve the remaining two weaknesses discussed in the communication marked FOIAE in accordance with the Security Standard. Continuing to improve Social Services’ IT change and configuration management process will decrease the risk of unauthorized modifications to sensitive systems and help maintain the confidentiality, integrity, and availability of sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-049: Continue Improving IT Change and Configuration Management Process
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-052; 2021-049; 2020-044; 2019-038
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Configuration Management
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to improve its IT change and configuration management process to align with the Security Standard. Change management is a key control to evaluate, approve, and verify configuration changes to security components. Two weaknesses remain since our last review, which we communicated to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard requires agencies to implement certain controls that reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Social Services’ Change Management Process Guide details the process Social Services follows to manage changes, but does not include all the required elements, which contributed to the weaknesses remaining. Additionally, the change request form does not have the necessary fields to document the required elements. Not aligning IT change management processes with the Security Standard increases the risk of a data breach or unauthorized access to confidential and mission-critical data, leading to data corruption, data loss, or system disruption if accessed by a malicious attacker, either internal or external.
Social Services should resolve the remaining two weaknesses discussed in the communication marked FOIAE in accordance with the Security Standard. Continuing to improve Social Services’ IT change and configuration management process will decrease the risk of unauthorized modifications to sensitive systems and help maintain the confidentiality, integrity, and availability of sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-049: Continue Improving IT Change and Configuration Management Process
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-052; 2021-049; 2020-044; 2019-038
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Configuration Management
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to improve its IT change and configuration management process to align with the Security Standard. Change management is a key control to evaluate, approve, and verify configuration changes to security components. Two weaknesses remain since our last review, which we communicated to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard requires agencies to implement certain controls that reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Social Services’ Change Management Process Guide details the process Social Services follows to manage changes, but does not include all the required elements, which contributed to the weaknesses remaining. Additionally, the change request form does not have the necessary fields to document the required elements. Not aligning IT change management processes with the Security Standard increases the risk of a data breach or unauthorized access to confidential and mission-critical data, leading to data corruption, data loss, or system disruption if accessed by a malicious attacker, either internal or external.
Social Services should resolve the remaining two weaknesses discussed in the communication marked FOIAE in accordance with the Security Standard. Continuing to improve Social Services’ IT change and configuration management process will decrease the risk of unauthorized modifications to sensitive systems and help maintain the confidentiality, integrity, and availability of sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-051: Improve Change Control Process
Applicable to: Virginia Employment Commission
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Configuration Management
ALPT or Cluster Name and ALN: Unemployment Insurance (UI) - 17.225
Federal Award Number and Year: UI210F2300 - 2023
Name of Federal Agency: U.S. Department of Labor
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
The Commission does not define whether certain types of changes are exempt from certain elements of its information technology (IT) change control process. As a result, the Commission does not consistently follow its Configuration Management Policy and Procedures (Configuration Management Policy) and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). Specifically, the following weaknesses exist:
The Commission does not perform an explicit evaluation of change requests from a security perspective, commonly referred to as a security impact analysis, for changes to some of its systems and applications. For all 50 changes we selected for review, the Commission could not provide evidence that it performed a security impact analysis. The Configuration Management Policy requires the Commission’s Information Security Officer (ISO) or designee to perform a security impact analysis for proposed changes, document the findings, and attach the documentation to the change request. Additionally, the Security Standard requires the Commission to approve or deny change requests with explicit consideration for security impact analyses. Without conducting and documenting a security impact analysis for each requested change, the Commission may not detect and prevent changes that could compromise the security of the IT environment (Configuration Management Policy Section 3.b Security Impact Analysis; Security Standard Sections CM-3 Configuration Change Control and CM-4 Security Impact Analysis).
The Commission did not perform pre-implementation testing for 34 out of 50 changes sampled (68%). The Configuration Management Policy requires the Commission to test, validate, and document changes to the information system before implementing the changes on the operational system. Without performing pre-implementation testing to validate a change, the Commission increases the risk that a change may compromise security of the IT environment without being detected and prevented (Configuration Management Policy Section 2.a.9 Configuration Change Control; Security Standard Section CM-3 Configuration Change Control).
The Commission not documenting whether specific types of changes are exempt from certain aspects of its formal change management process or should follow a different process caused it not to consistently perform pre-implementation testing. Additionally, the Commission did not enforce its Configuration Management Policy, which also led to it not formally documenting a security impact analysis for each change.
The Commission should define and formally document the different change types and whether the type of change is exempt from aspects of its formal change management process. Additionally, the Commission should conduct and document its analysis of security impacts for each change request prior to approval and implementation to the production IT environment. These actions will help ensure the confidentiality, integrity, and availability of sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-051: Improve Change Control Process
Applicable to: Virginia Employment Commission
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Configuration Management
ALPT or Cluster Name and ALN: Unemployment Insurance (UI) - 17.225
Federal Award Number and Year: UI210F2300 - 2023
Name of Federal Agency: U.S. Department of Labor
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
The Commission does not define whether certain types of changes are exempt from certain elements of its information technology (IT) change control process. As a result, the Commission does not consistently follow its Configuration Management Policy and Procedures (Configuration Management Policy) and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). Specifically, the following weaknesses exist:
The Commission does not perform an explicit evaluation of change requests from a security perspective, commonly referred to as a security impact analysis, for changes to some of its systems and applications. For all 50 changes we selected for review, the Commission could not provide evidence that it performed a security impact analysis. The Configuration Management Policy requires the Commission’s Information Security Officer (ISO) or designee to perform a security impact analysis for proposed changes, document the findings, and attach the documentation to the change request. Additionally, the Security Standard requires the Commission to approve or deny change requests with explicit consideration for security impact analyses. Without conducting and documenting a security impact analysis for each requested change, the Commission may not detect and prevent changes that could compromise the security of the IT environment (Configuration Management Policy Section 3.b Security Impact Analysis; Security Standard Sections CM-3 Configuration Change Control and CM-4 Security Impact Analysis).
The Commission did not perform pre-implementation testing for 34 out of 50 changes sampled (68%). The Configuration Management Policy requires the Commission to test, validate, and document changes to the information system before implementing the changes on the operational system. Without performing pre-implementation testing to validate a change, the Commission increases the risk that a change may compromise security of the IT environment without being detected and prevented (Configuration Management Policy Section 2.a.9 Configuration Change Control; Security Standard Section CM-3 Configuration Change Control).
The Commission not documenting whether specific types of changes are exempt from certain aspects of its formal change management process or should follow a different process caused it not to consistently perform pre-implementation testing. Additionally, the Commission did not enforce its Configuration Management Policy, which also led to it not formally documenting a security impact analysis for each change.
The Commission should define and formally document the different change types and whether the type of change is exempt from aspects of its formal change management process. Additionally, the Commission should conduct and document its analysis of security impacts for each change request prior to approval and implementation to the production IT environment. These actions will help ensure the confidentiality, integrity, and availability of sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-055: Obtain and Review Information Security Audit
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Special Tests and Provisions - 42 CFR § 95.621
Known Questioned Costs: $0
Medical Assistance Services has not obtained the required biennial automated data processing (ADP) risk analyses and system security audit of the Medicaid claims processing module of the Medicaid management system (claims processing module). The last audit of the claims processing module occurred during October 2020 and Medical Assistance Services received the report in January 2021. The Medicaid program is highly dependent on extensive and complex computer systems that include controls for ensuring the proper payment of Medicaid claims. These controls reside with the agency as well as with one of Medical Assistance Services’ service providers.
As required by 42 CFR § 95.621, Medical Assistance Services must review its claims processing module on a biennial basis. At a minimum, the review must include an evaluation of physical and data security operating procedures and personnel practices. Additionally, the Commonwealth’s Hosted Environment Information Security Standard, SEC 525 (Hosted Environment Security Standard) states that agency heads remain accountable for maintaining compliance with the Hosted Environment Security Standard for IT equipment, systems, and services procured from service providers and must enforce the compliance requirements through documented agreements and oversight of the services provided.
Without the biennial audit, Medical Assistance Services cannot ensure the service provider has adequately designed and implemented the controls over the claims processing module and whether the controls are operating effectively. Although Medical Assistance Services maintains a high degree of interaction with the service provider, not obtaining and reviewing the biennial audit increases the Commonwealth’s risk that it will not detect a weakness in the service provider’s environment, which could negatively impact the Commonwealth. Due to the highly sensitive, mission-critical nature of the data and controls within the claims processing module, Medical Assistance Services is also compromising system integrity and increasing the risk of unauthorized system access.
Medical Assistance Services’ contract with the service provider includes a biennial audit as a term of the contract. However, Medical Assistance Services did not ensure that the service provider completed the audit timely. In June 2023, the service provider communicated to Medical Assistance Services that the next audit would begin in July 2023 and in October 2023 the service provider communicated that it would deliver the report in December 2023.
Medical Assistance Services should ensure that the service provider completes the required biennial audit and that future audits meet the timing and other requirements in the contract. In addition, Medical Assistance Services should use the results of these audits to ensure its service provider complies with the requirements in the Hosted Environment Security Standard, Code of Federal Regulations, and contract with the Commonwealth. If the required audit discloses weaknesses, Medical Assistance Services should implement compensating controls to mitigate the risk to the Commonwealth until the service provider corrects the deficiency.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-055: Obtain and Review Information Security Audit
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Special Tests and Provisions - 42 CFR § 95.621
Known Questioned Costs: $0
Medical Assistance Services has not obtained the required biennial automated data processing (ADP) risk analyses and system security audit of the Medicaid claims processing module of the Medicaid management system (claims processing module). The last audit of the claims processing module occurred during October 2020 and Medical Assistance Services received the report in January 2021. The Medicaid program is highly dependent on extensive and complex computer systems that include controls for ensuring the proper payment of Medicaid claims. These controls reside with the agency as well as with one of Medical Assistance Services’ service providers.
As required by 42 CFR § 95.621, Medical Assistance Services must review its claims processing module on a biennial basis. At a minimum, the review must include an evaluation of physical and data security operating procedures and personnel practices. Additionally, the Commonwealth’s Hosted Environment Information Security Standard, SEC 525 (Hosted Environment Security Standard) states that agency heads remain accountable for maintaining compliance with the Hosted Environment Security Standard for IT equipment, systems, and services procured from service providers and must enforce the compliance requirements through documented agreements and oversight of the services provided.
Without the biennial audit, Medical Assistance Services cannot ensure the service provider has adequately designed and implemented the controls over the claims processing module and whether the controls are operating effectively. Although Medical Assistance Services maintains a high degree of interaction with the service provider, not obtaining and reviewing the biennial audit increases the Commonwealth’s risk that it will not detect a weakness in the service provider’s environment, which could negatively impact the Commonwealth. Due to the highly sensitive, mission-critical nature of the data and controls within the claims processing module, Medical Assistance Services is also compromising system integrity and increasing the risk of unauthorized system access.
Medical Assistance Services’ contract with the service provider includes a biennial audit as a term of the contract. However, Medical Assistance Services did not ensure that the service provider completed the audit timely. In June 2023, the service provider communicated to Medical Assistance Services that the next audit would begin in July 2023 and in October 2023 the service provider communicated that it would deliver the report in December 2023.
Medical Assistance Services should ensure that the service provider completes the required biennial audit and that future audits meet the timing and other requirements in the contract. In addition, Medical Assistance Services should use the results of these audits to ensure its service provider complies with the requirements in the Hosted Environment Security Standard, Code of Federal Regulations, and contract with the Commonwealth. If the required audit discloses weaknesses, Medical Assistance Services should implement compensating controls to mitigate the risk to the Commonwealth until the service provider corrects the deficiency.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-055: Obtain and Review Information Security Audit
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Special Tests and Provisions - 42 CFR § 95.621
Known Questioned Costs: $0
Medical Assistance Services has not obtained the required biennial automated data processing (ADP) risk analyses and system security audit of the Medicaid claims processing module of the Medicaid management system (claims processing module). The last audit of the claims processing module occurred during October 2020 and Medical Assistance Services received the report in January 2021. The Medicaid program is highly dependent on extensive and complex computer systems that include controls for ensuring the proper payment of Medicaid claims. These controls reside with the agency as well as with one of Medical Assistance Services’ service providers.
As required by 42 CFR § 95.621, Medical Assistance Services must review its claims processing module on a biennial basis. At a minimum, the review must include an evaluation of physical and data security operating procedures and personnel practices. Additionally, the Commonwealth’s Hosted Environment Information Security Standard, SEC 525 (Hosted Environment Security Standard) states that agency heads remain accountable for maintaining compliance with the Hosted Environment Security Standard for IT equipment, systems, and services procured from service providers and must enforce the compliance requirements through documented agreements and oversight of the services provided.
Without the biennial audit, Medical Assistance Services cannot ensure the service provider has adequately designed and implemented the controls over the claims processing module and whether the controls are operating effectively. Although Medical Assistance Services maintains a high degree of interaction with the service provider, not obtaining and reviewing the biennial audit increases the Commonwealth’s risk that it will not detect a weakness in the service provider’s environment, which could negatively impact the Commonwealth. Due to the highly sensitive, mission-critical nature of the data and controls within the claims processing module, Medical Assistance Services is also compromising system integrity and increasing the risk of unauthorized system access.
Medical Assistance Services’ contract with the service provider includes a biennial audit as a term of the contract. However, Medical Assistance Services did not ensure that the service provider completed the audit timely. In June 2023, the service provider communicated to Medical Assistance Services that the next audit would begin in July 2023 and in October 2023 the service provider communicated that it would deliver the report in December 2023.
Medical Assistance Services should ensure that the service provider completes the required biennial audit and that future audits meet the timing and other requirements in the contract. In addition, Medical Assistance Services should use the results of these audits to ensure its service provider complies with the requirements in the Hosted Environment Security Standard, Code of Federal Regulations, and contract with the Commonwealth. If the required audit discloses weaknesses, Medical Assistance Services should implement compensating controls to mitigate the risk to the Commonwealth until the service provider corrects the deficiency.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-056: Conduct Information Technology Security Audits
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services does not conduct a comprehensive IT security audit on each sensitive system at least once every three years that assesses whether IT security controls are adequate and effective. Specifically, Social Services has not conducted an IT security audit in the last three years over 29 of the 70 sensitive systems (41%) due for an IT security audit.
The Security Standard, Section 7, requires that each IT system classified as a sensitive system undergo an IT security audit as required by and in accordance with the current version of the IT Audit Standard. The IT Audit Standard, Section 1.4, requires that IT systems containing sensitive data, or systems with an assessed sensitivity of high on any of the criteria of confidentiality, integrity, or availability, shall receive an IT security audit at least once every three years. Additionally, the IT Audit Standard, Section 2.2, requires that the IT security auditor shall use criteria that, at a minimum, assesses the effectiveness of the system controls and measures compliance with the applicable requirements of the Security Standard.
Social Services does not have an internal audit function but does employ an IT Audit Manager. However, any audits conducted by the IT Audit Manager cannot be peer reviewed due to Social Services not having an internal audit function or Chief Audit Executive, and thus, these audits do not meet Government Auditing Standards requirements. Therefore, Social Services procures an external auditor to complete all the required IT Security Audits using funds allocated from the Virginia General Assembly, as well as funds allocated to Information Technology Services. Social Services tasks the IT Audit Manager with coordinating the audits and tracking Social Services’ remediation of audit findings. However, the IT Audit Manager relies on the collaboration of the business divisions, Information Technology Services, and Information Security Risk Management, as well as the oversight of the Executive Team to effectively schedule and conduct the audits. Social Services did not perform the IT security audits in accordance with the Security Standard because of a lack of governance over IT security.
Without conducting full IT security audits that cover all applicable Security Standard requirements for each sensitive system every three years, Social Services increases the risk that IT staff will not detect and mitigate existing weaknesses. Malicious parties taking advantage of continued weaknesses could compromise sensitive and confidential data. Further, such security incidents could lead to mission-critical systems being unavailable.
Social Services should evaluate potential options and develop a formal process for conducting IT audits over each sensitive system at least once every three years that tests the effectiveness of the IT security controls and compliance with Security Standard requirements. Social Services should then complete the planned IT security audits and implement adequate governance processes to ensure it is meeting the Security Standard requirements. Compliance with the IT Audit Standard will help to ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-056: Conduct Information Technology Security Audits
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services does not conduct a comprehensive IT security audit on each sensitive system at least once every three years that assesses whether IT security controls are adequate and effective. Specifically, Social Services has not conducted an IT security audit in the last three years over 29 of the 70 sensitive systems (41%) due for an IT security audit.
The Security Standard, Section 7, requires that each IT system classified as a sensitive system undergo an IT security audit as required by and in accordance with the current version of the IT Audit Standard. The IT Audit Standard, Section 1.4, requires that IT systems containing sensitive data, or systems with an assessed sensitivity of high on any of the criteria of confidentiality, integrity, or availability, shall receive an IT security audit at least once every three years. Additionally, the IT Audit Standard, Section 2.2, requires that the IT security auditor shall use criteria that, at a minimum, assesses the effectiveness of the system controls and measures compliance with the applicable requirements of the Security Standard.
Social Services does not have an internal audit function but does employ an IT Audit Manager. However, any audits conducted by the IT Audit Manager cannot be peer reviewed due to Social Services not having an internal audit function or Chief Audit Executive, and thus, these audits do not meet Government Auditing Standards requirements. Therefore, Social Services procures an external auditor to complete all the required IT Security Audits using funds allocated from the Virginia General Assembly, as well as funds allocated to Information Technology Services. Social Services tasks the IT Audit Manager with coordinating the audits and tracking Social Services’ remediation of audit findings. However, the IT Audit Manager relies on the collaboration of the business divisions, Information Technology Services, and Information Security Risk Management, as well as the oversight of the Executive Team to effectively schedule and conduct the audits. Social Services did not perform the IT security audits in accordance with the Security Standard because of a lack of governance over IT security.
Without conducting full IT security audits that cover all applicable Security Standard requirements for each sensitive system every three years, Social Services increases the risk that IT staff will not detect and mitigate existing weaknesses. Malicious parties taking advantage of continued weaknesses could compromise sensitive and confidential data. Further, such security incidents could lead to mission-critical systems being unavailable.
Social Services should evaluate potential options and develop a formal process for conducting IT audits over each sensitive system at least once every three years that tests the effectiveness of the IT security controls and compliance with Security Standard requirements. Social Services should then complete the planned IT security audits and implement adequate governance processes to ensure it is meeting the Security Standard requirements. Compliance with the IT Audit Standard will help to ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-056: Conduct Information Technology Security Audits
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services does not conduct a comprehensive IT security audit on each sensitive system at least once every three years that assesses whether IT security controls are adequate and effective. Specifically, Social Services has not conducted an IT security audit in the last three years over 29 of the 70 sensitive systems (41%) due for an IT security audit.
The Security Standard, Section 7, requires that each IT system classified as a sensitive system undergo an IT security audit as required by and in accordance with the current version of the IT Audit Standard. The IT Audit Standard, Section 1.4, requires that IT systems containing sensitive data, or systems with an assessed sensitivity of high on any of the criteria of confidentiality, integrity, or availability, shall receive an IT security audit at least once every three years. Additionally, the IT Audit Standard, Section 2.2, requires that the IT security auditor shall use criteria that, at a minimum, assesses the effectiveness of the system controls and measures compliance with the applicable requirements of the Security Standard.
Social Services does not have an internal audit function but does employ an IT Audit Manager. However, any audits conducted by the IT Audit Manager cannot be peer reviewed due to Social Services not having an internal audit function or Chief Audit Executive, and thus, these audits do not meet Government Auditing Standards requirements. Therefore, Social Services procures an external auditor to complete all the required IT Security Audits using funds allocated from the Virginia General Assembly, as well as funds allocated to Information Technology Services. Social Services tasks the IT Audit Manager with coordinating the audits and tracking Social Services’ remediation of audit findings. However, the IT Audit Manager relies on the collaboration of the business divisions, Information Technology Services, and Information Security Risk Management, as well as the oversight of the Executive Team to effectively schedule and conduct the audits. Social Services did not perform the IT security audits in accordance with the Security Standard because of a lack of governance over IT security.
Without conducting full IT security audits that cover all applicable Security Standard requirements for each sensitive system every three years, Social Services increases the risk that IT staff will not detect and mitigate existing weaknesses. Malicious parties taking advantage of continued weaknesses could compromise sensitive and confidential data. Further, such security incidents could lead to mission-critical systems being unavailable.
Social Services should evaluate potential options and develop a formal process for conducting IT audits over each sensitive system at least once every three years that tests the effectiveness of the IT security controls and compliance with Security Standard requirements. Social Services should then complete the planned IT security audits and implement adequate governance processes to ensure it is meeting the Security Standard requirements. Compliance with the IT Audit Standard will help to ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-058: Upgrade End-of-Life Technology
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-060
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services uses end-of-life (EOL) technologies in its IT environment and maintains technologies that support mission-essential data on IT systems running software that its vendors no longer support. We communicated internal control weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard prohibits agencies from using software that is EOL and which the vendor no longer supports to reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Social Services does not assign an individual or team with the responsibility to track EOL software dates and does not have a formal process to ensure that it upgrades software versions prior to the EOL date, which caused the EOL software to remain in the environment. Using EOL technologies increases the risk of successful cyberattack, exploit, and data breach by malicious parties. Further, vendors do not offer operational and technical support for EOL or end-of-support technology, which affects data availability by increasing the difficulty of restoring system functionality if a technical failure occurs.
Social Services should dedicate the necessary resources to evaluate and implement the internal controls and recommendations discussed in the communication marked FOIAE in accordance with the Security Standard. Dedicating the necessary resources to minimize the use of EOL technologies will help to ensure that Social Services secures its IT environment and systems to protect its sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-058: Upgrade End-of-Life Technology
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-060
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services uses end-of-life (EOL) technologies in its IT environment and maintains technologies that support mission-essential data on IT systems running software that its vendors no longer support. We communicated internal control weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard prohibits agencies from using software that is EOL and which the vendor no longer supports to reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Social Services does not assign an individual or team with the responsibility to track EOL software dates and does not have a formal process to ensure that it upgrades software versions prior to the EOL date, which caused the EOL software to remain in the environment. Using EOL technologies increases the risk of successful cyberattack, exploit, and data breach by malicious parties. Further, vendors do not offer operational and technical support for EOL or end-of-support technology, which affects data availability by increasing the difficulty of restoring system functionality if a technical failure occurs.
Social Services should dedicate the necessary resources to evaluate and implement the internal controls and recommendations discussed in the communication marked FOIAE in accordance with the Security Standard. Dedicating the necessary resources to minimize the use of EOL technologies will help to ensure that Social Services secures its IT environment and systems to protect its sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-058: Upgrade End-of-Life Technology
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-060
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services uses end-of-life (EOL) technologies in its IT environment and maintains technologies that support mission-essential data on IT systems running software that its vendors no longer support. We communicated internal control weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard prohibits agencies from using software that is EOL and which the vendor no longer supports to reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Social Services does not assign an individual or team with the responsibility to track EOL software dates and does not have a formal process to ensure that it upgrades software versions prior to the EOL date, which caused the EOL software to remain in the environment. Using EOL technologies increases the risk of successful cyberattack, exploit, and data breach by malicious parties. Further, vendors do not offer operational and technical support for EOL or end-of-support technology, which affects data availability by increasing the difficulty of restoring system functionality if a technical failure occurs.
Social Services should dedicate the necessary resources to evaluate and implement the internal controls and recommendations discussed in the communication marked FOIAE in accordance with the Security Standard. Dedicating the necessary resources to minimize the use of EOL technologies will help to ensure that Social Services secures its IT environment and systems to protect its sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-066: Continue Developing Record Retention Requirements and Processes for Electronic Records
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-064; 2021-047; 2020-041; 2019-049; 2018-054
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Contingency Planning
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to operate without an adequate data retention process that ensures consistent compliance with retention requirements for its case management system and adherence to federal regulations and the Code of Virginia. Specifically, Social Services does not have data retention policies and procedures that define its requirements and processes to consistently ensure data retention compliance and destruction. Social Services’ case management system stores several types of federal benefit program records with varying retention requirements supporting ten programs and services, such as Medicaid, TANF, and the Supplemental Nutrition Assistance Program (SNAP). Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
Since fiscal year 2019, Social Services gathered retention requirements from the business divisions that support the federal programs and services. In fiscal year 2022, Social Services finalized and documented policies with retention requirements for the data sets handled by each of the ten programs and services supported by its case management system. However, Social Services has not developed, documented, and implemented procedures and processes to operationalize the records retention policies for each of the programs and services to ensure consistent retention and destruction of records in compliance with regulations and laws.
Title 45 CFR § 155.1210, governs record retention for Medicaid and requires state agencies to maintain records for ten years. Additionally, the Virginia Public Records Act outlined in § 42.1-91 of the Code of Virginia makes an agency responsible for ensuring that it preserves, maintains, and makes accessible public records throughout their lifecycle, including converting and migrating electronic records as often as necessary so that information is not lost due to hardware, software, or media obsolescence or deterioration. Furthermore, the Virginia Public Records Act in § 42.1-86.1 of the Code of Virginia details requirements for the disposition of records including that records created after July 1, 2006, and authorized to be destroyed or discarded, must be discarded in a timely manner and in accordance with the provisions of Chapter 7 of the Virginia Public Records Act. Records that contain identifying information as defined by subsection C of § 18.2-186.3 of the Code of Virginia shall be destroyed within six months of the expiration of the records retention period. Finally, the Security Standard requires agencies to implement backup and restoration plans that address the retention of the data in accordance with the records retention policy for every IT system identified as sensitive relative to availability (Security Standard, Section CP-9-COV Information System Backup).
Without implementing records retention requirements, Social Services increases the risk of a data or privacy breach. Additionally, destroying documents that should be available for business processes or audit, or keeping data longer than stated, could expose Social Services to fines, penalties, or other legal consequences. Further, Social Services may not be able to ensure that backup and restoration efforts will provide mission essential information according to recovery times. Finally, Social Services spends additional resources to maintain, back up, and protect information that no longer serves a business purpose.
Social Services determined that the retention requirements for all ten programs and services supported by its case management system are not feasible as a single release due to the risk and complexity of the project, as well as changes to federal requirements, since its initial analysis. Therefore, Social Services plans to use a phased delivery approach including multiple releases, beginning with Release 1 in February 2024. Further, Social Services is working on a revised timeline to complete each additional phase for the remaining releases.
Social Services should continue to develop and implement records retention procedures that define its requirements and processes to ensure that consistent records retention processes can be operationalized across business divisions to comply with applicable with laws and regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-066: Continue Developing Record Retention Requirements and Processes for Electronic Records
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-064; 2021-047; 2020-041; 2019-049; 2018-054
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Contingency Planning
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to operate without an adequate data retention process that ensures consistent compliance with retention requirements for its case management system and adherence to federal regulations and the Code of Virginia. Specifically, Social Services does not have data retention policies and procedures that define its requirements and processes to consistently ensure data retention compliance and destruction. Social Services’ case management system stores several types of federal benefit program records with varying retention requirements supporting ten programs and services, such as Medicaid, TANF, and the Supplemental Nutrition Assistance Program (SNAP). Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
Since fiscal year 2019, Social Services gathered retention requirements from the business divisions that support the federal programs and services. In fiscal year 2022, Social Services finalized and documented policies with retention requirements for the data sets handled by each of the ten programs and services supported by its case management system. However, Social Services has not developed, documented, and implemented procedures and processes to operationalize the records retention policies for each of the programs and services to ensure consistent retention and destruction of records in compliance with regulations and laws.
Title 45 CFR § 155.1210, governs record retention for Medicaid and requires state agencies to maintain records for ten years. Additionally, the Virginia Public Records Act outlined in § 42.1-91 of the Code of Virginia makes an agency responsible for ensuring that it preserves, maintains, and makes accessible public records throughout their lifecycle, including converting and migrating electronic records as often as necessary so that information is not lost due to hardware, software, or media obsolescence or deterioration. Furthermore, the Virginia Public Records Act in § 42.1-86.1 of the Code of Virginia details requirements for the disposition of records including that records created after July 1, 2006, and authorized to be destroyed or discarded, must be discarded in a timely manner and in accordance with the provisions of Chapter 7 of the Virginia Public Records Act. Records that contain identifying information as defined by subsection C of § 18.2-186.3 of the Code of Virginia shall be destroyed within six months of the expiration of the records retention period. Finally, the Security Standard requires agencies to implement backup and restoration plans that address the retention of the data in accordance with the records retention policy for every IT system identified as sensitive relative to availability (Security Standard, Section CP-9-COV Information System Backup).
Without implementing records retention requirements, Social Services increases the risk of a data or privacy breach. Additionally, destroying documents that should be available for business processes or audit, or keeping data longer than stated, could expose Social Services to fines, penalties, or other legal consequences. Further, Social Services may not be able to ensure that backup and restoration efforts will provide mission essential information according to recovery times. Finally, Social Services spends additional resources to maintain, back up, and protect information that no longer serves a business purpose.
Social Services determined that the retention requirements for all ten programs and services supported by its case management system are not feasible as a single release due to the risk and complexity of the project, as well as changes to federal requirements, since its initial analysis. Therefore, Social Services plans to use a phased delivery approach including multiple releases, beginning with Release 1 in February 2024. Further, Social Services is working on a revised timeline to complete each additional phase for the remaining releases.
Social Services should continue to develop and implement records retention procedures that define its requirements and processes to ensure that consistent records retention processes can be operationalized across business divisions to comply with applicable with laws and regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-066: Continue Developing Record Retention Requirements and Processes for Electronic Records
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-064; 2021-047; 2020-041; 2019-049; 2018-054
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Contingency Planning
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to operate without an adequate data retention process that ensures consistent compliance with retention requirements for its case management system and adherence to federal regulations and the Code of Virginia. Specifically, Social Services does not have data retention policies and procedures that define its requirements and processes to consistently ensure data retention compliance and destruction. Social Services’ case management system stores several types of federal benefit program records with varying retention requirements supporting ten programs and services, such as Medicaid, TANF, and the Supplemental Nutrition Assistance Program (SNAP). Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
Since fiscal year 2019, Social Services gathered retention requirements from the business divisions that support the federal programs and services. In fiscal year 2022, Social Services finalized and documented policies with retention requirements for the data sets handled by each of the ten programs and services supported by its case management system. However, Social Services has not developed, documented, and implemented procedures and processes to operationalize the records retention policies for each of the programs and services to ensure consistent retention and destruction of records in compliance with regulations and laws.
Title 45 CFR § 155.1210, governs record retention for Medicaid and requires state agencies to maintain records for ten years. Additionally, the Virginia Public Records Act outlined in § 42.1-91 of the Code of Virginia makes an agency responsible for ensuring that it preserves, maintains, and makes accessible public records throughout their lifecycle, including converting and migrating electronic records as often as necessary so that information is not lost due to hardware, software, or media obsolescence or deterioration. Furthermore, the Virginia Public Records Act in § 42.1-86.1 of the Code of Virginia details requirements for the disposition of records including that records created after July 1, 2006, and authorized to be destroyed or discarded, must be discarded in a timely manner and in accordance with the provisions of Chapter 7 of the Virginia Public Records Act. Records that contain identifying information as defined by subsection C of § 18.2-186.3 of the Code of Virginia shall be destroyed within six months of the expiration of the records retention period. Finally, the Security Standard requires agencies to implement backup and restoration plans that address the retention of the data in accordance with the records retention policy for every IT system identified as sensitive relative to availability (Security Standard, Section CP-9-COV Information System Backup).
Without implementing records retention requirements, Social Services increases the risk of a data or privacy breach. Additionally, destroying documents that should be available for business processes or audit, or keeping data longer than stated, could expose Social Services to fines, penalties, or other legal consequences. Further, Social Services may not be able to ensure that backup and restoration efforts will provide mission essential information according to recovery times. Finally, Social Services spends additional resources to maintain, back up, and protect information that no longer serves a business purpose.
Social Services determined that the retention requirements for all ten programs and services supported by its case management system are not feasible as a single release due to the risk and complexity of the project, as well as changes to federal requirements, since its initial analysis. Therefore, Social Services plans to use a phased delivery approach including multiple releases, beginning with Release 1 in February 2024. Further, Social Services is working on a revised timeline to complete each additional phase for the remaining releases.
Social Services should continue to develop and implement records retention procedures that define its requirements and processes to ensure that consistent records retention processes can be operationalized across business divisions to comply with applicable with laws and regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-072: Continue to Ensure ITISP Suppliers Meet all Contractual Requirements
Applicable to: Virginia Information Technologies Agency
Prior Year Finding Number: 2022-100; 2021-023; 2020-070
Type of Finding: Internal Control
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Although VITA is monitoring and enforcing the contractual requirements each month, as of June 2023, there were still cases of Information Technology Infrastructure Services Program (ITISP) suppliers not meeting the minimum requirements. When ITISP suppliers do not meet all contractual requirements (e.g., key measures, critical service levels, deliverables, etc.), it impacts the ability of Commonwealth agencies that rely on the ITISP services to comply with the Commonwealth’s Information Security Standard, SEC 501 (Security Standard).
The Security Standard is a baseline for information security and risk management activities for Commonwealth agencies. Many agencies rely on services provided through ITISP suppliers to ensure compliance with the Security Standard. For example, the Security Standard requires the installation of security-relevant software updates within 90 days of release (Security Standard, Section SI-2 Flaw Remediation). Commonwealth agencies rely on the ITISP suppliers for the installation of security patches in systems that support agencies’ operations. Our audits at various agencies for fiscal year 2023 found critical and highly important security patches not installed within the 90-day Security Standard requirement. The systems missing critical security updates are at an increased risk of cyberattack, exploitation, and data breach by malicious parties.
During fiscal year 2023, VITA and the Multisource Service Integrator (MSI) continued to evaluate the current service level measurements to ensure they align with the Commonwealth’s needs. VITA and the MSI implemented changes to the service level related to security and vulnerability patching. The changes to this service level included establishing a Common Vulnerabilities and Exposures (CVE) threshold, which required that ITISP suppliers must install any patch with a CVE score above the threshold within 60 days. VITA excluded the revised service level related to security and vulnerability patching from the monthly monitoring process until June 2023 to allow the agency, the MSI, and the ITISP suppliers time to develop procedures and data standardizations to accurately monitor compliance with the service level. VITA should ensure that the CVE score threshold is sufficient to meet the Security Standard requirements and to mitigate the risk associated with the Commonwealth’s information, data, and security.
The Security Standard also requires agencies to review and analyze audit records at least every 30 days for indications of inappropriate or unusual activity (Security Standard, Section AU-6 Audit Review, Analysis, and Reporting). Our audits of various agencies for fiscal year 2023 found that agencies rely on ITISP suppliers to provide access to a centralized monitoring tool that collects audit log information about activities in the IT environment. Although the supplier was performing audit logging and monitoring, most agencies were unable to obtain access to the audit log information during fiscal year 2023, and thus, were not able to comply with the Security Standard requirements related to audit log monitoring. An inability for all agencies to review and monitor their individual audit logs, increases the risk associated with the Commonwealth’s data confidentiality, integrity and availability.
During fiscal year 2023, VITA continued to work with the managed security supplier to address the agencies’ inability to access the audit log information. The supplier continued to implement the managed detection and response platform with a small number of agencies piloting the platform in 2023. As of October 2023, the supplier has opened the platform to all Commonwealth agencies. VITA should continue to work with the supplier to ensure all agencies have access to the platform, and all necessary audit logs are available for agency review.
To ensure all agencies that rely on the ITISP services comply with the Security Standard, VITA should ensure suppliers meet all contractual requirements (e.g., key measures, critical service levels, deliverables, etc.). To aid in determining which requirements have Security Standard implications, VITA should crosswalk contractual requirements to the Security Standard. A crosswalk will help in identifying which requirements, if not met, could put an agency at risk, per the Security Standard. If VITA determines suppliers are not meeting any of these requirements, VITA should communicate with the affected agencies and provide guidance on what the agencies can do to comply with the Security Standard while the suppliers work to meet the requirements of the contract.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-072: Continue to Ensure ITISP Suppliers Meet all Contractual Requirements
Applicable to: Virginia Information Technologies Agency
Prior Year Finding Number: 2022-100; 2021-023; 2020-070
Type of Finding: Internal Control
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Although VITA is monitoring and enforcing the contractual requirements each month, as of June 2023, there were still cases of Information Technology Infrastructure Services Program (ITISP) suppliers not meeting the minimum requirements. When ITISP suppliers do not meet all contractual requirements (e.g., key measures, critical service levels, deliverables, etc.), it impacts the ability of Commonwealth agencies that rely on the ITISP services to comply with the Commonwealth’s Information Security Standard, SEC 501 (Security Standard).
The Security Standard is a baseline for information security and risk management activities for Commonwealth agencies. Many agencies rely on services provided through ITISP suppliers to ensure compliance with the Security Standard. For example, the Security Standard requires the installation of security-relevant software updates within 90 days of release (Security Standard, Section SI-2 Flaw Remediation). Commonwealth agencies rely on the ITISP suppliers for the installation of security patches in systems that support agencies’ operations. Our audits at various agencies for fiscal year 2023 found critical and highly important security patches not installed within the 90-day Security Standard requirement. The systems missing critical security updates are at an increased risk of cyberattack, exploitation, and data breach by malicious parties.
During fiscal year 2023, VITA and the Multisource Service Integrator (MSI) continued to evaluate the current service level measurements to ensure they align with the Commonwealth’s needs. VITA and the MSI implemented changes to the service level related to security and vulnerability patching. The changes to this service level included establishing a Common Vulnerabilities and Exposures (CVE) threshold, which required that ITISP suppliers must install any patch with a CVE score above the threshold within 60 days. VITA excluded the revised service level related to security and vulnerability patching from the monthly monitoring process until June 2023 to allow the agency, the MSI, and the ITISP suppliers time to develop procedures and data standardizations to accurately monitor compliance with the service level. VITA should ensure that the CVE score threshold is sufficient to meet the Security Standard requirements and to mitigate the risk associated with the Commonwealth’s information, data, and security.
The Security Standard also requires agencies to review and analyze audit records at least every 30 days for indications of inappropriate or unusual activity (Security Standard, Section AU-6 Audit Review, Analysis, and Reporting). Our audits of various agencies for fiscal year 2023 found that agencies rely on ITISP suppliers to provide access to a centralized monitoring tool that collects audit log information about activities in the IT environment. Although the supplier was performing audit logging and monitoring, most agencies were unable to obtain access to the audit log information during fiscal year 2023, and thus, were not able to comply with the Security Standard requirements related to audit log monitoring. An inability for all agencies to review and monitor their individual audit logs, increases the risk associated with the Commonwealth’s data confidentiality, integrity and availability.
During fiscal year 2023, VITA continued to work with the managed security supplier to address the agencies’ inability to access the audit log information. The supplier continued to implement the managed detection and response platform with a small number of agencies piloting the platform in 2023. As of October 2023, the supplier has opened the platform to all Commonwealth agencies. VITA should continue to work with the supplier to ensure all agencies have access to the platform, and all necessary audit logs are available for agency review.
To ensure all agencies that rely on the ITISP services comply with the Security Standard, VITA should ensure suppliers meet all contractual requirements (e.g., key measures, critical service levels, deliverables, etc.). To aid in determining which requirements have Security Standard implications, VITA should crosswalk contractual requirements to the Security Standard. A crosswalk will help in identifying which requirements, if not met, could put an agency at risk, per the Security Standard. If VITA determines suppliers are not meeting any of these requirements, VITA should communicate with the affected agencies and provide guidance on what the agencies can do to comply with the Security Standard while the suppliers work to meet the requirements of the contract.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-072: Continue to Ensure ITISP Suppliers Meet all Contractual Requirements
Applicable to: Virginia Information Technologies Agency
Prior Year Finding Number: 2022-100; 2021-023; 2020-070
Type of Finding: Internal Control
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Although VITA is monitoring and enforcing the contractual requirements each month, as of June 2023, there were still cases of Information Technology Infrastructure Services Program (ITISP) suppliers not meeting the minimum requirements. When ITISP suppliers do not meet all contractual requirements (e.g., key measures, critical service levels, deliverables, etc.), it impacts the ability of Commonwealth agencies that rely on the ITISP services to comply with the Commonwealth’s Information Security Standard, SEC 501 (Security Standard).
The Security Standard is a baseline for information security and risk management activities for Commonwealth agencies. Many agencies rely on services provided through ITISP suppliers to ensure compliance with the Security Standard. For example, the Security Standard requires the installation of security-relevant software updates within 90 days of release (Security Standard, Section SI-2 Flaw Remediation). Commonwealth agencies rely on the ITISP suppliers for the installation of security patches in systems that support agencies’ operations. Our audits at various agencies for fiscal year 2023 found critical and highly important security patches not installed within the 90-day Security Standard requirement. The systems missing critical security updates are at an increased risk of cyberattack, exploitation, and data breach by malicious parties.
During fiscal year 2023, VITA and the Multisource Service Integrator (MSI) continued to evaluate the current service level measurements to ensure they align with the Commonwealth’s needs. VITA and the MSI implemented changes to the service level related to security and vulnerability patching. The changes to this service level included establishing a Common Vulnerabilities and Exposures (CVE) threshold, which required that ITISP suppliers must install any patch with a CVE score above the threshold within 60 days. VITA excluded the revised service level related to security and vulnerability patching from the monthly monitoring process until June 2023 to allow the agency, the MSI, and the ITISP suppliers time to develop procedures and data standardizations to accurately monitor compliance with the service level. VITA should ensure that the CVE score threshold is sufficient to meet the Security Standard requirements and to mitigate the risk associated with the Commonwealth’s information, data, and security.
The Security Standard also requires agencies to review and analyze audit records at least every 30 days for indications of inappropriate or unusual activity (Security Standard, Section AU-6 Audit Review, Analysis, and Reporting). Our audits of various agencies for fiscal year 2023 found that agencies rely on ITISP suppliers to provide access to a centralized monitoring tool that collects audit log information about activities in the IT environment. Although the supplier was performing audit logging and monitoring, most agencies were unable to obtain access to the audit log information during fiscal year 2023, and thus, were not able to comply with the Security Standard requirements related to audit log monitoring. An inability for all agencies to review and monitor their individual audit logs, increases the risk associated with the Commonwealth’s data confidentiality, integrity and availability.
During fiscal year 2023, VITA continued to work with the managed security supplier to address the agencies’ inability to access the audit log information. The supplier continued to implement the managed detection and response platform with a small number of agencies piloting the platform in 2023. As of October 2023, the supplier has opened the platform to all Commonwealth agencies. VITA should continue to work with the supplier to ensure all agencies have access to the platform, and all necessary audit logs are available for agency review.
To ensure all agencies that rely on the ITISP services comply with the Security Standard, VITA should ensure suppliers meet all contractual requirements (e.g., key measures, critical service levels, deliverables, etc.). To aid in determining which requirements have Security Standard implications, VITA should crosswalk contractual requirements to the Security Standard. A crosswalk will help in identifying which requirements, if not met, could put an agency at risk, per the Security Standard. If VITA determines suppliers are not meeting any of these requirements, VITA should communicate with the affected agencies and provide guidance on what the agencies can do to comply with the Security Standard while the suppliers work to meet the requirements of the contract.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-085: Obtain, Review, and Document System and Organization Control Reports of Third-Party Service Providers
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-089; 2021-019
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(a)
Known Questioned Costs: $0
Social Services continues to not have sufficient internal controls over System and Organization Controls (SOC) reports of service providers. Social Services uses service providers to perform functions such as administering the Electronic Benefit Transfer (EBT) process for public assistance programs, processing public assistance program applications, and performing call center functions. SOC reports, specifically SOC 1, Type 2 reports, provide an independent description and evaluation of the operating effectiveness of service providers’ internal controls over financial processes and are a key tool in gaining an understanding of a service provider’s internal control environment and maintaining oversight over outsourced operations. Social Services did not obtain, review, or document its review of service provider SOC reports to identify deficiencies or determine whether the reports provided adequate coverage over operations during state fiscal year 2023.
The CAPP Manual Topic 10305 requires agencies to have adequate interaction with service providers to appropriately understand the service provider’s internal control environment. Agencies must also maintain oversight over service providers to gain assurance over outsourced operations. Additionally, Section 1.1 of the Security Standard states that agency heads remain accountable for maintaining compliance with the Security Standard for information technology equipment, systems, and services procured from service providers, and that agencies must enforce the compliance requirements through documented agreements and oversight of the services provided. Finally, 2 CFR § 200.303(a) requires non-federal entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Social Services shares responsibilities for reviewing SOC reports with VITA’s ECOS based on the type of SOC report. VITA obtains and reviews SOC 2 reports, which provide information on controls at service providers relevant to information system security, availability, processing integrity, and confidentiality or privacy. SOC 1 reports provide information on controls at the service providers relevant to Social Services’ internal control over financial reporting. Designated staff in Social Services programmatic areas, who the service provider’s services affect, should obtain and review SOC 1, Type 2 reports. Designated staff should communicate any complementary user entity controls to the Agency Risk Management and Internal Controls Standards (ARMICS) coordinator to ensure Social Services has properly designed and implemented the relevant controls. Additionally, designated staff should document their review of the SOC 1, Type 2 reports, noting if there were any deviations in controls, perform a review of the service provider management’s response to any exceptions noted, and document Social Services’ consideration of the significance of any deviations and their impact on Social Services’ operations.
Social Services did not assign responsibility to a resource within the agency, knowledgeable of SOC reporting requirements, to develop an agency-wide policy to communicate expectations related to obtaining, reviewing, and documenting SOC 1, Type 2 reports for agency personnel to use when carrying out their programmatic responsibilities. As a result, the individuals responsible for obtaining and reviewing SOC 1, Type 2 reports misunderstood the services provided by ECOS, as ECOS does not obtain or review SOC 1, Type 2 reports, and did not have clear expectations as to what should be considered during their review of SOC 1, Type 2 reports.
Without adequate policies and procedures over service providers’ operations, Social Services is unable to ensure its complementary user entity controls are sufficient to support their reliance on the service providers’ control design, implementation, and operating effectiveness. Additionally, Social Services is unable to address any internal control deficiencies and/or exceptions identified in the SOC reports. Social Services is increasing the risk that it will not detect a weakness in a service provider’s environment by not obtaining the necessary SOC reports timely or properly documenting its review of the reports.
Social Services should obtain, review, and document SOC 1, Type 2 reports for its service providers that significantly affect its financial activity. As part of its corrective action, Social Services should assign responsibility to a knowledgeable resource within the agency to develop an office-wide policy that other divisions can use when reviewing and documenting SOC reports. Policies and procedures should comply with the requirements outlined in the CAPP Manual and Security Standard and include, but not be limited to, the timeframes for obtaining SOC reports from the service provider, documentation requirements for user entity complementary controls, the steps needed to address internal control deficiencies and/or exceptions found in reviews, and the responsible staff for any corrective actions necessary to mitigate the risk to the Commonwealth until the service provider corrects the deficiency. After developing an agency-wide policy, Social Services should communicate it to all individuals responsible for overseeing service provider operations to ensure compliance with federal and state regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-085: Obtain, Review, and Document System and Organization Control Reports of Third-Party Service Providers
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-089; 2021-019
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(a)
Known Questioned Costs: $0
Social Services continues to not have sufficient internal controls over System and Organization Controls (SOC) reports of service providers. Social Services uses service providers to perform functions such as administering the Electronic Benefit Transfer (EBT) process for public assistance programs, processing public assistance program applications, and performing call center functions. SOC reports, specifically SOC 1, Type 2 reports, provide an independent description and evaluation of the operating effectiveness of service providers’ internal controls over financial processes and are a key tool in gaining an understanding of a service provider’s internal control environment and maintaining oversight over outsourced operations. Social Services did not obtain, review, or document its review of service provider SOC reports to identify deficiencies or determine whether the reports provided adequate coverage over operations during state fiscal year 2023.
The CAPP Manual Topic 10305 requires agencies to have adequate interaction with service providers to appropriately understand the service provider’s internal control environment. Agencies must also maintain oversight over service providers to gain assurance over outsourced operations. Additionally, Section 1.1 of the Security Standard states that agency heads remain accountable for maintaining compliance with the Security Standard for information technology equipment, systems, and services procured from service providers, and that agencies must enforce the compliance requirements through documented agreements and oversight of the services provided. Finally, 2 CFR § 200.303(a) requires non-federal entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Social Services shares responsibilities for reviewing SOC reports with VITA’s ECOS based on the type of SOC report. VITA obtains and reviews SOC 2 reports, which provide information on controls at service providers relevant to information system security, availability, processing integrity, and confidentiality or privacy. SOC 1 reports provide information on controls at the service providers relevant to Social Services’ internal control over financial reporting. Designated staff in Social Services programmatic areas, who the service provider’s services affect, should obtain and review SOC 1, Type 2 reports. Designated staff should communicate any complementary user entity controls to the Agency Risk Management and Internal Controls Standards (ARMICS) coordinator to ensure Social Services has properly designed and implemented the relevant controls. Additionally, designated staff should document their review of the SOC 1, Type 2 reports, noting if there were any deviations in controls, perform a review of the service provider management’s response to any exceptions noted, and document Social Services’ consideration of the significance of any deviations and their impact on Social Services’ operations.
Social Services did not assign responsibility to a resource within the agency, knowledgeable of SOC reporting requirements, to develop an agency-wide policy to communicate expectations related to obtaining, reviewing, and documenting SOC 1, Type 2 reports for agency personnel to use when carrying out their programmatic responsibilities. As a result, the individuals responsible for obtaining and reviewing SOC 1, Type 2 reports misunderstood the services provided by ECOS, as ECOS does not obtain or review SOC 1, Type 2 reports, and did not have clear expectations as to what should be considered during their review of SOC 1, Type 2 reports.
Without adequate policies and procedures over service providers’ operations, Social Services is unable to ensure its complementary user entity controls are sufficient to support their reliance on the service providers’ control design, implementation, and operating effectiveness. Additionally, Social Services is unable to address any internal control deficiencies and/or exceptions identified in the SOC reports. Social Services is increasing the risk that it will not detect a weakness in a service provider’s environment by not obtaining the necessary SOC reports timely or properly documenting its review of the reports.
Social Services should obtain, review, and document SOC 1, Type 2 reports for its service providers that significantly affect its financial activity. As part of its corrective action, Social Services should assign responsibility to a knowledgeable resource within the agency to develop an office-wide policy that other divisions can use when reviewing and documenting SOC reports. Policies and procedures should comply with the requirements outlined in the CAPP Manual and Security Standard and include, but not be limited to, the timeframes for obtaining SOC reports from the service provider, documentation requirements for user entity complementary controls, the steps needed to address internal control deficiencies and/or exceptions found in reviews, and the responsible staff for any corrective actions necessary to mitigate the risk to the Commonwealth until the service provider corrects the deficiency. After developing an agency-wide policy, Social Services should communicate it to all individuals responsible for overseeing service provider operations to ensure compliance with federal and state regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-085: Obtain, Review, and Document System and Organization Control Reports of Third-Party Service Providers
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-089; 2021-019
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(a)
Known Questioned Costs: $0
Social Services continues to not have sufficient internal controls over System and Organization Controls (SOC) reports of service providers. Social Services uses service providers to perform functions such as administering the Electronic Benefit Transfer (EBT) process for public assistance programs, processing public assistance program applications, and performing call center functions. SOC reports, specifically SOC 1, Type 2 reports, provide an independent description and evaluation of the operating effectiveness of service providers’ internal controls over financial processes and are a key tool in gaining an understanding of a service provider’s internal control environment and maintaining oversight over outsourced operations. Social Services did not obtain, review, or document its review of service provider SOC reports to identify deficiencies or determine whether the reports provided adequate coverage over operations during state fiscal year 2023.
The CAPP Manual Topic 10305 requires agencies to have adequate interaction with service providers to appropriately understand the service provider’s internal control environment. Agencies must also maintain oversight over service providers to gain assurance over outsourced operations. Additionally, Section 1.1 of the Security Standard states that agency heads remain accountable for maintaining compliance with the Security Standard for information technology equipment, systems, and services procured from service providers, and that agencies must enforce the compliance requirements through documented agreements and oversight of the services provided. Finally, 2 CFR § 200.303(a) requires non-federal entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Social Services shares responsibilities for reviewing SOC reports with VITA’s ECOS based on the type of SOC report. VITA obtains and reviews SOC 2 reports, which provide information on controls at service providers relevant to information system security, availability, processing integrity, and confidentiality or privacy. SOC 1 reports provide information on controls at the service providers relevant to Social Services’ internal control over financial reporting. Designated staff in Social Services programmatic areas, who the service provider’s services affect, should obtain and review SOC 1, Type 2 reports. Designated staff should communicate any complementary user entity controls to the Agency Risk Management and Internal Controls Standards (ARMICS) coordinator to ensure Social Services has properly designed and implemented the relevant controls. Additionally, designated staff should document their review of the SOC 1, Type 2 reports, noting if there were any deviations in controls, perform a review of the service provider management’s response to any exceptions noted, and document Social Services’ consideration of the significance of any deviations and their impact on Social Services’ operations.
Social Services did not assign responsibility to a resource within the agency, knowledgeable of SOC reporting requirements, to develop an agency-wide policy to communicate expectations related to obtaining, reviewing, and documenting SOC 1, Type 2 reports for agency personnel to use when carrying out their programmatic responsibilities. As a result, the individuals responsible for obtaining and reviewing SOC 1, Type 2 reports misunderstood the services provided by ECOS, as ECOS does not obtain or review SOC 1, Type 2 reports, and did not have clear expectations as to what should be considered during their review of SOC 1, Type 2 reports.
Without adequate policies and procedures over service providers’ operations, Social Services is unable to ensure its complementary user entity controls are sufficient to support their reliance on the service providers’ control design, implementation, and operating effectiveness. Additionally, Social Services is unable to address any internal control deficiencies and/or exceptions identified in the SOC reports. Social Services is increasing the risk that it will not detect a weakness in a service provider’s environment by not obtaining the necessary SOC reports timely or properly documenting its review of the reports.
Social Services should obtain, review, and document SOC 1, Type 2 reports for its service providers that significantly affect its financial activity. As part of its corrective action, Social Services should assign responsibility to a knowledgeable resource within the agency to develop an office-wide policy that other divisions can use when reviewing and documenting SOC reports. Policies and procedures should comply with the requirements outlined in the CAPP Manual and Security Standard and include, but not be limited to, the timeframes for obtaining SOC reports from the service provider, documentation requirements for user entity complementary controls, the steps needed to address internal control deficiencies and/or exceptions found in reviews, and the responsible staff for any corrective actions necessary to mitigate the risk to the Commonwealth until the service provider corrects the deficiency. After developing an agency-wide policy, Social Services should communicate it to all individuals responsible for overseeing service provider operations to ensure compliance with federal and state regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-086: Improve Third-Party Oversight Process
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: 2022-090
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services has made progress to document and implement a formal process for maintaining oversight for three of its IT third-party service providers that manage and support the Medicaid management system. However, Medical Assistance Services continues to not verify that one of its three service providers performs two controls as required by the Hosted Environment Security Standard. We communicated the two weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia due to it containing descriptions of security mechanisms.
VITA’s Enterprise Cloud Oversight Service (ECOS) confirms the two controls as part of its service for two of the three service providers; however, ECOS does not review the third service provider, and it is Medical Assistance Services’ responsibility to verify the provider performs the required controls. Medical Assistance Services did not ensure the individuals responsible for monitoring the service providers are confirming these specific controls and processes within the required timeframe. Without maintaining appropriate oversight of its service providers, Medical Assistance Services cannot validate whether its service providers implement the required security controls to protect the agency’s sensitive and mission-critical data.
Medical Assistance Services should improve its process by ensuring individuals tasked with monitoring service providers confirm the controls per the Hosted Environment Security Standard. Medical Assistance Services should ensure the individuals responsible for monitoring service providers implement and consistently perform formal oversight processes in a timely manner, which will help maintain the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-086: Improve Third-Party Oversight Process
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: 2022-090
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services has made progress to document and implement a formal process for maintaining oversight for three of its IT third-party service providers that manage and support the Medicaid management system. However, Medical Assistance Services continues to not verify that one of its three service providers performs two controls as required by the Hosted Environment Security Standard. We communicated the two weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia due to it containing descriptions of security mechanisms.
VITA’s Enterprise Cloud Oversight Service (ECOS) confirms the two controls as part of its service for two of the three service providers; however, ECOS does not review the third service provider, and it is Medical Assistance Services’ responsibility to verify the provider performs the required controls. Medical Assistance Services did not ensure the individuals responsible for monitoring the service providers are confirming these specific controls and processes within the required timeframe. Without maintaining appropriate oversight of its service providers, Medical Assistance Services cannot validate whether its service providers implement the required security controls to protect the agency’s sensitive and mission-critical data.
Medical Assistance Services should improve its process by ensuring individuals tasked with monitoring service providers confirm the controls per the Hosted Environment Security Standard. Medical Assistance Services should ensure the individuals responsible for monitoring service providers implement and consistently perform formal oversight processes in a timely manner, which will help maintain the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-086: Improve Third-Party Oversight Process
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: 2022-090
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services has made progress to document and implement a formal process for maintaining oversight for three of its IT third-party service providers that manage and support the Medicaid management system. However, Medical Assistance Services continues to not verify that one of its three service providers performs two controls as required by the Hosted Environment Security Standard. We communicated the two weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia due to it containing descriptions of security mechanisms.
VITA’s Enterprise Cloud Oversight Service (ECOS) confirms the two controls as part of its service for two of the three service providers; however, ECOS does not review the third service provider, and it is Medical Assistance Services’ responsibility to verify the provider performs the required controls. Medical Assistance Services did not ensure the individuals responsible for monitoring the service providers are confirming these specific controls and processes within the required timeframe. Without maintaining appropriate oversight of its service providers, Medical Assistance Services cannot validate whether its service providers implement the required security controls to protect the agency’s sensitive and mission-critical data.
Medical Assistance Services should improve its process by ensuring individuals tasked with monitoring service providers confirm the controls per the Hosted Environment Security Standard. Medical Assistance Services should ensure the individuals responsible for monitoring service providers implement and consistently perform formal oversight processes in a timely manner, which will help maintain the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-093: Monitor Internal Procedures to Ensure Compliance with the Conflict of Interests Act
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-097; 2021-060
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Procurement and Suspension and Debarment - 2 CFR § 200.317
Known Questioned Costs: $0
Human Resources is not monitoring compliance with its internal procedures to ensure individuals in positions of trust file the required Statement of Economic Interests (SOEI) disclosure form and complete the orientation training in accordance with the Code of Virginia. As part of its corrective action efforts, Human Resources is taking the following steps to ensure that it complies with Virginia’s State and Local Government Conflict of Interests Act (COIA) and its internal procedures:
Human Resources transitioned conflict of interests related processes to its Compliance unit in January 2023.
Human Resources is updating the field used in the Commonwealth’s human resources and payroll management system to identify positions of trust for newly added or removed positions.
Social Services’ Conflict of Interests Coordinator is working with division directors to review conflict of interest criteria and identify positions by title and responsibility that require compliance with the COIA.
Social Services’ Conflict of Interests Coordinator is reviewing Social Services’ new hire/transfer report two times a month to identify newly created or re-established positions that may not have been captured with the correct conflict of interest status.
Social Services’ Conflict of Interests Coordinator is reviewing conflict of interest training records for all identified positions, employees, and board members. Any employee or board member who is not in compliance with conflict of interests training requirements will be asked to complete the required training and completion dates will be monitored and tracked in a conflict of interests tracking spreadsheet. Social Services’ Conflict of Interests Coordinator will review the conflict of interests tracking spreadsheet twice monthly and contact employees and board members whose training is nearing expiration.
Section 2.2-3114 and § 2.2-3118.2 of the Code of Virginia state that persons occupying positions of trust within state government or non-salaried citizen members of policy and supervisory boards shall file a disclosure statement with the Commonwealth’s Ethics Advisory Council of their personal interests, and such other information as is required on the form, on or before the day such office or position of employment is assumed, and thereafter shall file such a statement annually on or before February 1. Further, the § 2.2-3130 of the Code of Virginia states orientation training is required to be completed by filers within two months of their hire or appointment and at least once during each consecutive period of two calendar years. Finally, the Virginia Public Procurement Act requires state agencies to adopt the provisions of the COIA to promote ethics in public contracting and 2 CFR § 200.317 requires states to follow their procurement policies and procedures when procuring property and services with federal funds.
Because of the extent of its corrective actions, Human Resources was not able to complete its corrective actions as of the end of fiscal year 2023. Human Resources plans to complete its corrective action efforts by April 1, 2024. Without appropriately monitoring individuals in positions of trust, Social Services cannot assure itself that it is fully compliant with the provisions in the COIA. In effect, Social Services could be susceptible to actual or perceived conflicts of interests and may be limited in its ability to hold employees accountable. These actions could potentially lead to a violation of state or federal laws or regulations. Therefore, Human Resources should continue its corrective action efforts to ensure that it complies with the provisions of the COIA.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-093: Monitor Internal Procedures to Ensure Compliance with the Conflict of Interests Act
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-097; 2021-060
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Procurement and Suspension and Debarment - 2 CFR § 200.317
Known Questioned Costs: $0
Human Resources is not monitoring compliance with its internal procedures to ensure individuals in positions of trust file the required Statement of Economic Interests (SOEI) disclosure form and complete the orientation training in accordance with the Code of Virginia. As part of its corrective action efforts, Human Resources is taking the following steps to ensure that it complies with Virginia’s State and Local Government Conflict of Interests Act (COIA) and its internal procedures:
Human Resources transitioned conflict of interests related processes to its Compliance unit in January 2023.
Human Resources is updating the field used in the Commonwealth’s human resources and payroll management system to identify positions of trust for newly added or removed positions.
Social Services’ Conflict of Interests Coordinator is working with division directors to review conflict of interest criteria and identify positions by title and responsibility that require compliance with the COIA.
Social Services’ Conflict of Interests Coordinator is reviewing Social Services’ new hire/transfer report two times a month to identify newly created or re-established positions that may not have been captured with the correct conflict of interest status.
Social Services’ Conflict of Interests Coordinator is reviewing conflict of interest training records for all identified positions, employees, and board members. Any employee or board member who is not in compliance with conflict of interests training requirements will be asked to complete the required training and completion dates will be monitored and tracked in a conflict of interests tracking spreadsheet. Social Services’ Conflict of Interests Coordinator will review the conflict of interests tracking spreadsheet twice monthly and contact employees and board members whose training is nearing expiration.
Section 2.2-3114 and § 2.2-3118.2 of the Code of Virginia state that persons occupying positions of trust within state government or non-salaried citizen members of policy and supervisory boards shall file a disclosure statement with the Commonwealth’s Ethics Advisory Council of their personal interests, and such other information as is required on the form, on or before the day such office or position of employment is assumed, and thereafter shall file such a statement annually on or before February 1. Further, the § 2.2-3130 of the Code of Virginia states orientation training is required to be completed by filers within two months of their hire or appointment and at least once during each consecutive period of two calendar years. Finally, the Virginia Public Procurement Act requires state agencies to adopt the provisions of the COIA to promote ethics in public contracting and 2 CFR § 200.317 requires states to follow their procurement policies and procedures when procuring property and services with federal funds.
Because of the extent of its corrective actions, Human Resources was not able to complete its corrective actions as of the end of fiscal year 2023. Human Resources plans to complete its corrective action efforts by April 1, 2024. Without appropriately monitoring individuals in positions of trust, Social Services cannot assure itself that it is fully compliant with the provisions in the COIA. In effect, Social Services could be susceptible to actual or perceived conflicts of interests and may be limited in its ability to hold employees accountable. These actions could potentially lead to a violation of state or federal laws or regulations. Therefore, Human Resources should continue its corrective action efforts to ensure that it complies with the provisions of the COIA.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-093: Monitor Internal Procedures to Ensure Compliance with the Conflict of Interests Act
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-097; 2021-060
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Procurement and Suspension and Debarment - 2 CFR § 200.317
Known Questioned Costs: $0
Human Resources is not monitoring compliance with its internal procedures to ensure individuals in positions of trust file the required Statement of Economic Interests (SOEI) disclosure form and complete the orientation training in accordance with the Code of Virginia. As part of its corrective action efforts, Human Resources is taking the following steps to ensure that it complies with Virginia’s State and Local Government Conflict of Interests Act (COIA) and its internal procedures:
Human Resources transitioned conflict of interests related processes to its Compliance unit in January 2023.
Human Resources is updating the field used in the Commonwealth’s human resources and payroll management system to identify positions of trust for newly added or removed positions.
Social Services’ Conflict of Interests Coordinator is working with division directors to review conflict of interest criteria and identify positions by title and responsibility that require compliance with the COIA.
Social Services’ Conflict of Interests Coordinator is reviewing Social Services’ new hire/transfer report two times a month to identify newly created or re-established positions that may not have been captured with the correct conflict of interest status.
Social Services’ Conflict of Interests Coordinator is reviewing conflict of interest training records for all identified positions, employees, and board members. Any employee or board member who is not in compliance with conflict of interests training requirements will be asked to complete the required training and completion dates will be monitored and tracked in a conflict of interests tracking spreadsheet. Social Services’ Conflict of Interests Coordinator will review the conflict of interests tracking spreadsheet twice monthly and contact employees and board members whose training is nearing expiration.
Section 2.2-3114 and § 2.2-3118.2 of the Code of Virginia state that persons occupying positions of trust within state government or non-salaried citizen members of policy and supervisory boards shall file a disclosure statement with the Commonwealth’s Ethics Advisory Council of their personal interests, and such other information as is required on the form, on or before the day such office or position of employment is assumed, and thereafter shall file such a statement annually on or before February 1. Further, the § 2.2-3130 of the Code of Virginia states orientation training is required to be completed by filers within two months of their hire or appointment and at least once during each consecutive period of two calendar years. Finally, the Virginia Public Procurement Act requires state agencies to adopt the provisions of the COIA to promote ethics in public contracting and 2 CFR § 200.317 requires states to follow their procurement policies and procedures when procuring property and services with federal funds.
Because of the extent of its corrective actions, Human Resources was not able to complete its corrective actions as of the end of fiscal year 2023. Human Resources plans to complete its corrective action efforts by April 1, 2024. Without appropriately monitoring individuals in positions of trust, Social Services cannot assure itself that it is fully compliant with the provisions in the COIA. In effect, Social Services could be susceptible to actual or perceived conflicts of interests and may be limited in its ability to hold employees accountable. These actions could potentially lead to a violation of state or federal laws or regulations. Therefore, Human Resources should continue its corrective action efforts to ensure that it complies with the provisions of the COIA.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-097: Perform Responsibilities Outlined in the Agency Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-011; 2021-070; 2020-074; 2019-090; 2018-093
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.303(a); 2 CFR § 200.332
Known Questioned Costs: $0
Social Services’ Compliance Division (Compliance) continues to not adhere to its established approach to oversee the agency’s subrecipient monitoring activities, as outlined in its Agency Monitoring Plan. According to Social Services’ Organizational Structure Report, Compliance is responsible for agency-wide compliance and risk mitigation that helps to ensure adherence to state and federal legal and regulatory standards, including subrecipient monitoring. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds through roughly 5,400 subawards from 35 federal grant programs. During the audit, we noted the following deviations from the Agency Monitoring Plan:
While Compliance has updated and finalized the Agency Monitoring Plan, it has not communicated it to Subrecipient Monitoring Coordinators in divisions with subrecipient monitoring responsibilities. Because of the lack of communication, there were deviations from the Agency Monitoring Plan at the division level. For example, the Agency Monitoring Plan requires each division to monitor subrecipients once every three years. However, the Local Review Team did not consider this requirement because Compliance did not communicate the Agency Monitoring Plan to Subrecipient Monitoring Coordinators. The Local Review Team did, however, implement a risk-based approach to monitoring subrecipients as required by the Agency Monitoring Plan.
Compliance continues to not review division monitoring plans to ensure the divisions implement a risk-based approach for monitoring subrecipients. The Agency Monitoring Plan states that Compliance will use a Monitoring Plan Checklist to evaluate and determine if all the required elements for subrecipient monitoring are present in each division’s plan. Because of the lack of review, the Division of Benefit Programs’ (Benefit Programs) fiscal year 2023 monitoring plan did not meet all the requirements outlined in the Agency Monitoring Plan because it did not include a risk-based approach for subrecipient monitoring and did not consider all subrecipients who receive funding from the Temporary Assistance for Needy Families (TANF) federal grant program. Additionally, while the Office of New Americans has adequate subrecipient monitoring processes, it does not have a written monitoring plan as required by the Agency Monitoring Plan.
Compliance continues to not analyze each division’s subrecipient monitoring activities. As a result, Compliance has not produced quarterly reports of variances and noncompliance to brief Social Services’ Executive Team on the agency’s subrecipient monitoring activities. Because of Compliance’s lack of analysis and communication, the Executive Team was unaware of the deviations noted above.
Title 2 CFR § 200.303(a) requires pass-through entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award. Without performing the responsibilities in the Agency Monitoring Plan, Social Services cannot provide reasonable assurance that the agency has complied with pass-through entity federal requirements at 2 CFR § 200.332. Because of the scope of this matter and the magnitude of Social Services’ subrecipient monitoring responsibilities, we consider these weaknesses collectively to create a material weakness in internal control over compliance.
Since the prior audit, Compliance and Social Services’ Executive Team have worked together to discuss solutions to address this audit finding. Social Services is considering procuring a grants management system and Compliance has worked with the agency’s Division of Information Technology to determine whether it can utilize this system to fulfil its subrecipient monitoring responsibilities. Compliance has also discussed the need for additional staff to assist with subrecipient monitoring oversight with the Executive Team. However, Compliance has not implemented these corrective actions as of the end of fiscal year 2023 because of the level of effort and considerations involved with these corrective actions. Therefore, Compliance should continue to work with the Executive Team to make sure that it has the appropriate level of resources to fulfil its responsibilities in the Agency Monitoring Plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-097: Perform Responsibilities Outlined in the Agency Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-011; 2021-070; 2020-074; 2019-090; 2018-093
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.303(a); 2 CFR § 200.332
Known Questioned Costs: $0
Social Services’ Compliance Division (Compliance) continues to not adhere to its established approach to oversee the agency’s subrecipient monitoring activities, as outlined in its Agency Monitoring Plan. According to Social Services’ Organizational Structure Report, Compliance is responsible for agency-wide compliance and risk mitigation that helps to ensure adherence to state and federal legal and regulatory standards, including subrecipient monitoring. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds through roughly 5,400 subawards from 35 federal grant programs. During the audit, we noted the following deviations from the Agency Monitoring Plan:
While Compliance has updated and finalized the Agency Monitoring Plan, it has not communicated it to Subrecipient Monitoring Coordinators in divisions with subrecipient monitoring responsibilities. Because of the lack of communication, there were deviations from the Agency Monitoring Plan at the division level. For example, the Agency Monitoring Plan requires each division to monitor subrecipients once every three years. However, the Local Review Team did not consider this requirement because Compliance did not communicate the Agency Monitoring Plan to Subrecipient Monitoring Coordinators. The Local Review Team did, however, implement a risk-based approach to monitoring subrecipients as required by the Agency Monitoring Plan.
Compliance continues to not review division monitoring plans to ensure the divisions implement a risk-based approach for monitoring subrecipients. The Agency Monitoring Plan states that Compliance will use a Monitoring Plan Checklist to evaluate and determine if all the required elements for subrecipient monitoring are present in each division’s plan. Because of the lack of review, the Division of Benefit Programs’ (Benefit Programs) fiscal year 2023 monitoring plan did not meet all the requirements outlined in the Agency Monitoring Plan because it did not include a risk-based approach for subrecipient monitoring and did not consider all subrecipients who receive funding from the Temporary Assistance for Needy Families (TANF) federal grant program. Additionally, while the Office of New Americans has adequate subrecipient monitoring processes, it does not have a written monitoring plan as required by the Agency Monitoring Plan.
Compliance continues to not analyze each division’s subrecipient monitoring activities. As a result, Compliance has not produced quarterly reports of variances and noncompliance to brief Social Services’ Executive Team on the agency’s subrecipient monitoring activities. Because of Compliance’s lack of analysis and communication, the Executive Team was unaware of the deviations noted above.
Title 2 CFR § 200.303(a) requires pass-through entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award. Without performing the responsibilities in the Agency Monitoring Plan, Social Services cannot provide reasonable assurance that the agency has complied with pass-through entity federal requirements at 2 CFR § 200.332. Because of the scope of this matter and the magnitude of Social Services’ subrecipient monitoring responsibilities, we consider these weaknesses collectively to create a material weakness in internal control over compliance.
Since the prior audit, Compliance and Social Services’ Executive Team have worked together to discuss solutions to address this audit finding. Social Services is considering procuring a grants management system and Compliance has worked with the agency’s Division of Information Technology to determine whether it can utilize this system to fulfil its subrecipient monitoring responsibilities. Compliance has also discussed the need for additional staff to assist with subrecipient monitoring oversight with the Executive Team. However, Compliance has not implemented these corrective actions as of the end of fiscal year 2023 because of the level of effort and considerations involved with these corrective actions. Therefore, Compliance should continue to work with the Executive Team to make sure that it has the appropriate level of resources to fulfil its responsibilities in the Agency Monitoring Plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-097: Perform Responsibilities Outlined in the Agency Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-011; 2021-070; 2020-074; 2019-090; 2018-093
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.303(a); 2 CFR § 200.332
Known Questioned Costs: $0
Social Services’ Compliance Division (Compliance) continues to not adhere to its established approach to oversee the agency’s subrecipient monitoring activities, as outlined in its Agency Monitoring Plan. According to Social Services’ Organizational Structure Report, Compliance is responsible for agency-wide compliance and risk mitigation that helps to ensure adherence to state and federal legal and regulatory standards, including subrecipient monitoring. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds through roughly 5,400 subawards from 35 federal grant programs. During the audit, we noted the following deviations from the Agency Monitoring Plan:
While Compliance has updated and finalized the Agency Monitoring Plan, it has not communicated it to Subrecipient Monitoring Coordinators in divisions with subrecipient monitoring responsibilities. Because of the lack of communication, there were deviations from the Agency Monitoring Plan at the division level. For example, the Agency Monitoring Plan requires each division to monitor subrecipients once every three years. However, the Local Review Team did not consider this requirement because Compliance did not communicate the Agency Monitoring Plan to Subrecipient Monitoring Coordinators. The Local Review Team did, however, implement a risk-based approach to monitoring subrecipients as required by the Agency Monitoring Plan.
Compliance continues to not review division monitoring plans to ensure the divisions implement a risk-based approach for monitoring subrecipients. The Agency Monitoring Plan states that Compliance will use a Monitoring Plan Checklist to evaluate and determine if all the required elements for subrecipient monitoring are present in each division’s plan. Because of the lack of review, the Division of Benefit Programs’ (Benefit Programs) fiscal year 2023 monitoring plan did not meet all the requirements outlined in the Agency Monitoring Plan because it did not include a risk-based approach for subrecipient monitoring and did not consider all subrecipients who receive funding from the Temporary Assistance for Needy Families (TANF) federal grant program. Additionally, while the Office of New Americans has adequate subrecipient monitoring processes, it does not have a written monitoring plan as required by the Agency Monitoring Plan.
Compliance continues to not analyze each division’s subrecipient monitoring activities. As a result, Compliance has not produced quarterly reports of variances and noncompliance to brief Social Services’ Executive Team on the agency’s subrecipient monitoring activities. Because of Compliance’s lack of analysis and communication, the Executive Team was unaware of the deviations noted above.
Title 2 CFR § 200.303(a) requires pass-through entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award. Without performing the responsibilities in the Agency Monitoring Plan, Social Services cannot provide reasonable assurance that the agency has complied with pass-through entity federal requirements at 2 CFR § 200.332. Because of the scope of this matter and the magnitude of Social Services’ subrecipient monitoring responsibilities, we consider these weaknesses collectively to create a material weakness in internal control over compliance.
Since the prior audit, Compliance and Social Services’ Executive Team have worked together to discuss solutions to address this audit finding. Social Services is considering procuring a grants management system and Compliance has worked with the agency’s Division of Information Technology to determine whether it can utilize this system to fulfil its subrecipient monitoring responsibilities. Compliance has also discussed the need for additional staff to assist with subrecipient monitoring oversight with the Executive Team. However, Compliance has not implemented these corrective actions as of the end of fiscal year 2023 because of the level of effort and considerations involved with these corrective actions. Therefore, Compliance should continue to work with the Executive Team to make sure that it has the appropriate level of resources to fulfil its responsibilities in the Agency Monitoring Plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-098: Review Non-Locality Subrecipient Single Audit Reports
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-013; 2021-072; 2020-075; 2019-091; 2018-092
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)(3); 2 CFR § 200.332(f)
Known Questioned Costs: $0
Compliance continues to not review non-locality subrecipient Single Audit reports as established within the Agency Monitoring Plan. Non-locality subrecipients are subrecipients who are not local governments and are mainly comprised of non-profit organizations. During fiscal year 2023, Social Services disbursed approximately $87 million in federal funds to roughly 205 non-locality subrecipients. While reviewing the audit reports for the 26 non-locality subrecipients that received more than $750,000 in federal funds from Social Services, we noted the following:
Seven non-locality subrecipients (27%) did not have a Single Audit report available in the Federal Audit Clearinghouse (Clearinghouse) for the most recent audit period. Social Services disbursed approximately $10 million in federal funds to these entities during fiscal year 2023.
A non-locality subrecipient (4%) had audit findings that affected one of Social Services’ federal grant programs. As a result of the lack of review over the non-locality subrecipient’s Single Audit report, Social Services did not issue a management decision within six months of acceptance of the audit report by the Clearinghouse.
According to 2 CFR § 200.332(f), all pass-through entities must verify their subrecipients are audited if it is expected that the subrecipient’s federal awards expended during the respective fiscal year equaled or exceeded $750,000. Additionally, 2 CFR § 200.332(d)(3) requires pass-through entities to issue a management decision within six months of acceptance of the audit report by the Clearinghouse. A management decision is Social Services’ written determination, provided to its subrecipient, of the adequacy of the subrecipient’s proposed corrective actions to address the audit findings, based on Social Services’ evaluation of the audit findings and proposed corrective actions.
Without verifying whether non-locality subrecipients received a Single Audit, Compliance is unable to provide assurance that Social Services is meeting the audit requirements set forth in 2 CFR § 200.332(d)(3) and (f). Additionally, Compliance cannot provide Social Services with assurance that its subrecipient monitoring efforts are adequate without reviewing non-locality Single Audit reports.
In its corrective action plan as of the end of fiscal year 2023, Compliance indicated that it has worked with Social Services’ Executive Team to put forth a budget request to procure a grants management system to assist with its subrecipient monitoring efforts. Additionally, Compliance is considering implementing a manual system where it will review non-locality Single Audit reports until it implements a permanent solution. However, Compliance was unable to procure a grants management system to support its subrecipient monitoring efforts during the fiscal year and it did not implement a manual system to comply with the requirements in 2 CFR § 200.332(d)(3) and (f) because of a lack of available resources.
Compliance should continue to work with Social Services’ Executive Team to determine which solution(s) would be the most beneficial to the organization to comply with these federal requirements. Additionally, Compliance should consider using the query functionalities in the Clearinghouse to determine whether any of its non-locality subrecipients have audit findings that warrant a management decision.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-098: Review Non-Locality Subrecipient Single Audit Reports
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-013; 2021-072; 2020-075; 2019-091; 2018-092
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)(3); 2 CFR § 200.332(f)
Known Questioned Costs: $0
Compliance continues to not review non-locality subrecipient Single Audit reports as established within the Agency Monitoring Plan. Non-locality subrecipients are subrecipients who are not local governments and are mainly comprised of non-profit organizations. During fiscal year 2023, Social Services disbursed approximately $87 million in federal funds to roughly 205 non-locality subrecipients. While reviewing the audit reports for the 26 non-locality subrecipients that received more than $750,000 in federal funds from Social Services, we noted the following:
Seven non-locality subrecipients (27%) did not have a Single Audit report available in the Federal Audit Clearinghouse (Clearinghouse) for the most recent audit period. Social Services disbursed approximately $10 million in federal funds to these entities during fiscal year 2023.
A non-locality subrecipient (4%) had audit findings that affected one of Social Services’ federal grant programs. As a result of the lack of review over the non-locality subrecipient’s Single Audit report, Social Services did not issue a management decision within six months of acceptance of the audit report by the Clearinghouse.
According to 2 CFR § 200.332(f), all pass-through entities must verify their subrecipients are audited if it is expected that the subrecipient’s federal awards expended during the respective fiscal year equaled or exceeded $750,000. Additionally, 2 CFR § 200.332(d)(3) requires pass-through entities to issue a management decision within six months of acceptance of the audit report by the Clearinghouse. A management decision is Social Services’ written determination, provided to its subrecipient, of the adequacy of the subrecipient’s proposed corrective actions to address the audit findings, based on Social Services’ evaluation of the audit findings and proposed corrective actions.
Without verifying whether non-locality subrecipients received a Single Audit, Compliance is unable to provide assurance that Social Services is meeting the audit requirements set forth in 2 CFR § 200.332(d)(3) and (f). Additionally, Compliance cannot provide Social Services with assurance that its subrecipient monitoring efforts are adequate without reviewing non-locality Single Audit reports.
In its corrective action plan as of the end of fiscal year 2023, Compliance indicated that it has worked with Social Services’ Executive Team to put forth a budget request to procure a grants management system to assist with its subrecipient monitoring efforts. Additionally, Compliance is considering implementing a manual system where it will review non-locality Single Audit reports until it implements a permanent solution. However, Compliance was unable to procure a grants management system to support its subrecipient monitoring efforts during the fiscal year and it did not implement a manual system to comply with the requirements in 2 CFR § 200.332(d)(3) and (f) because of a lack of available resources.
Compliance should continue to work with Social Services’ Executive Team to determine which solution(s) would be the most beneficial to the organization to comply with these federal requirements. Additionally, Compliance should consider using the query functionalities in the Clearinghouse to determine whether any of its non-locality subrecipients have audit findings that warrant a management decision.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-098: Review Non-Locality Subrecipient Single Audit Reports
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-013; 2021-072; 2020-075; 2019-091; 2018-092
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)(3); 2 CFR § 200.332(f)
Known Questioned Costs: $0
Compliance continues to not review non-locality subrecipient Single Audit reports as established within the Agency Monitoring Plan. Non-locality subrecipients are subrecipients who are not local governments and are mainly comprised of non-profit organizations. During fiscal year 2023, Social Services disbursed approximately $87 million in federal funds to roughly 205 non-locality subrecipients. While reviewing the audit reports for the 26 non-locality subrecipients that received more than $750,000 in federal funds from Social Services, we noted the following:
Seven non-locality subrecipients (27%) did not have a Single Audit report available in the Federal Audit Clearinghouse (Clearinghouse) for the most recent audit period. Social Services disbursed approximately $10 million in federal funds to these entities during fiscal year 2023.
A non-locality subrecipient (4%) had audit findings that affected one of Social Services’ federal grant programs. As a result of the lack of review over the non-locality subrecipient’s Single Audit report, Social Services did not issue a management decision within six months of acceptance of the audit report by the Clearinghouse.
According to 2 CFR § 200.332(f), all pass-through entities must verify their subrecipients are audited if it is expected that the subrecipient’s federal awards expended during the respective fiscal year equaled or exceeded $750,000. Additionally, 2 CFR § 200.332(d)(3) requires pass-through entities to issue a management decision within six months of acceptance of the audit report by the Clearinghouse. A management decision is Social Services’ written determination, provided to its subrecipient, of the adequacy of the subrecipient’s proposed corrective actions to address the audit findings, based on Social Services’ evaluation of the audit findings and proposed corrective actions.
Without verifying whether non-locality subrecipients received a Single Audit, Compliance is unable to provide assurance that Social Services is meeting the audit requirements set forth in 2 CFR § 200.332(d)(3) and (f). Additionally, Compliance cannot provide Social Services with assurance that its subrecipient monitoring efforts are adequate without reviewing non-locality Single Audit reports.
In its corrective action plan as of the end of fiscal year 2023, Compliance indicated that it has worked with Social Services’ Executive Team to put forth a budget request to procure a grants management system to assist with its subrecipient monitoring efforts. Additionally, Compliance is considering implementing a manual system where it will review non-locality Single Audit reports until it implements a permanent solution. However, Compliance was unable to procure a grants management system to support its subrecipient monitoring efforts during the fiscal year and it did not implement a manual system to comply with the requirements in 2 CFR § 200.332(d)(3) and (f) because of a lack of available resources.
Compliance should continue to work with Social Services’ Executive Team to determine which solution(s) would be the most beneficial to the organization to comply with these federal requirements. Additionally, Compliance should consider using the query functionalities in the Clearinghouse to determine whether any of its non-locality subrecipients have audit findings that warrant a management decision.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-098: Review Non-Locality Subrecipient Single Audit Reports
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-013; 2021-072; 2020-075; 2019-091; 2018-092
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)(3); 2 CFR § 200.332(f)
Known Questioned Costs: $0
Compliance continues to not review non-locality subrecipient Single Audit reports as established within the Agency Monitoring Plan. Non-locality subrecipients are subrecipients who are not local governments and are mainly comprised of non-profit organizations. During fiscal year 2023, Social Services disbursed approximately $87 million in federal funds to roughly 205 non-locality subrecipients. While reviewing the audit reports for the 26 non-locality subrecipients that received more than $750,000 in federal funds from Social Services, we noted the following:
Seven non-locality subrecipients (27%) did not have a Single Audit report available in the Federal Audit Clearinghouse (Clearinghouse) for the most recent audit period. Social Services disbursed approximately $10 million in federal funds to these entities during fiscal year 2023.
A non-locality subrecipient (4%) had audit findings that affected one of Social Services’ federal grant programs. As a result of the lack of review over the non-locality subrecipient’s Single Audit report, Social Services did not issue a management decision within six months of acceptance of the audit report by the Clearinghouse.
According to 2 CFR § 200.332(f), all pass-through entities must verify their subrecipients are audited if it is expected that the subrecipient’s federal awards expended during the respective fiscal year equaled or exceeded $750,000. Additionally, 2 CFR § 200.332(d)(3) requires pass-through entities to issue a management decision within six months of acceptance of the audit report by the Clearinghouse. A management decision is Social Services’ written determination, provided to its subrecipient, of the adequacy of the subrecipient’s proposed corrective actions to address the audit findings, based on Social Services’ evaluation of the audit findings and proposed corrective actions.
Without verifying whether non-locality subrecipients received a Single Audit, Compliance is unable to provide assurance that Social Services is meeting the audit requirements set forth in 2 CFR § 200.332(d)(3) and (f). Additionally, Compliance cannot provide Social Services with assurance that its subrecipient monitoring efforts are adequate without reviewing non-locality Single Audit reports.
In its corrective action plan as of the end of fiscal year 2023, Compliance indicated that it has worked with Social Services’ Executive Team to put forth a budget request to procure a grants management system to assist with its subrecipient monitoring efforts. Additionally, Compliance is considering implementing a manual system where it will review non-locality Single Audit reports until it implements a permanent solution. However, Compliance was unable to procure a grants management system to support its subrecipient monitoring efforts during the fiscal year and it did not implement a manual system to comply with the requirements in 2 CFR § 200.332(d)(3) and (f) because of a lack of available resources.
Compliance should continue to work with Social Services’ Executive Team to determine which solution(s) would be the most beneficial to the organization to comply with these federal requirements. Additionally, Compliance should consider using the query functionalities in the Clearinghouse to determine whether any of its non-locality subrecipients have audit findings that warrant a management decision.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-098: Review Non-Locality Subrecipient Single Audit Reports
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-013; 2021-072; 2020-075; 2019-091; 2018-092
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)(3); 2 CFR § 200.332(f)
Known Questioned Costs: $0
Compliance continues to not review non-locality subrecipient Single Audit reports as established within the Agency Monitoring Plan. Non-locality subrecipients are subrecipients who are not local governments and are mainly comprised of non-profit organizations. During fiscal year 2023, Social Services disbursed approximately $87 million in federal funds to roughly 205 non-locality subrecipients. While reviewing the audit reports for the 26 non-locality subrecipients that received more than $750,000 in federal funds from Social Services, we noted the following:
Seven non-locality subrecipients (27%) did not have a Single Audit report available in the Federal Audit Clearinghouse (Clearinghouse) for the most recent audit period. Social Services disbursed approximately $10 million in federal funds to these entities during fiscal year 2023.
A non-locality subrecipient (4%) had audit findings that affected one of Social Services’ federal grant programs. As a result of the lack of review over the non-locality subrecipient’s Single Audit report, Social Services did not issue a management decision within six months of acceptance of the audit report by the Clearinghouse.
According to 2 CFR § 200.332(f), all pass-through entities must verify their subrecipients are audited if it is expected that the subrecipient’s federal awards expended during the respective fiscal year equaled or exceeded $750,000. Additionally, 2 CFR § 200.332(d)(3) requires pass-through entities to issue a management decision within six months of acceptance of the audit report by the Clearinghouse. A management decision is Social Services’ written determination, provided to its subrecipient, of the adequacy of the subrecipient’s proposed corrective actions to address the audit findings, based on Social Services’ evaluation of the audit findings and proposed corrective actions.
Without verifying whether non-locality subrecipients received a Single Audit, Compliance is unable to provide assurance that Social Services is meeting the audit requirements set forth in 2 CFR § 200.332(d)(3) and (f). Additionally, Compliance cannot provide Social Services with assurance that its subrecipient monitoring efforts are adequate without reviewing non-locality Single Audit reports.
In its corrective action plan as of the end of fiscal year 2023, Compliance indicated that it has worked with Social Services’ Executive Team to put forth a budget request to procure a grants management system to assist with its subrecipient monitoring efforts. Additionally, Compliance is considering implementing a manual system where it will review non-locality Single Audit reports until it implements a permanent solution. However, Compliance was unable to procure a grants management system to support its subrecipient monitoring efforts during the fiscal year and it did not implement a manual system to comply with the requirements in 2 CFR § 200.332(d)(3) and (f) because of a lack of available resources.
Compliance should continue to work with Social Services’ Executive Team to determine which solution(s) would be the most beneficial to the organization to comply with these federal requirements. Additionally, Compliance should consider using the query functionalities in the Clearinghouse to determine whether any of its non-locality subrecipients have audit findings that warrant a management decision.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-098: Review Non-Locality Subrecipient Single Audit Reports
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-013; 2021-072; 2020-075; 2019-091; 2018-092
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)(3); 2 CFR § 200.332(f)
Known Questioned Costs: $0
Compliance continues to not review non-locality subrecipient Single Audit reports as established within the Agency Monitoring Plan. Non-locality subrecipients are subrecipients who are not local governments and are mainly comprised of non-profit organizations. During fiscal year 2023, Social Services disbursed approximately $87 million in federal funds to roughly 205 non-locality subrecipients. While reviewing the audit reports for the 26 non-locality subrecipients that received more than $750,000 in federal funds from Social Services, we noted the following:
Seven non-locality subrecipients (27%) did not have a Single Audit report available in the Federal Audit Clearinghouse (Clearinghouse) for the most recent audit period. Social Services disbursed approximately $10 million in federal funds to these entities during fiscal year 2023.
A non-locality subrecipient (4%) had audit findings that affected one of Social Services’ federal grant programs. As a result of the lack of review over the non-locality subrecipient’s Single Audit report, Social Services did not issue a management decision within six months of acceptance of the audit report by the Clearinghouse.
According to 2 CFR § 200.332(f), all pass-through entities must verify their subrecipients are audited if it is expected that the subrecipient’s federal awards expended during the respective fiscal year equaled or exceeded $750,000. Additionally, 2 CFR § 200.332(d)(3) requires pass-through entities to issue a management decision within six months of acceptance of the audit report by the Clearinghouse. A management decision is Social Services’ written determination, provided to its subrecipient, of the adequacy of the subrecipient’s proposed corrective actions to address the audit findings, based on Social Services’ evaluation of the audit findings and proposed corrective actions.
Without verifying whether non-locality subrecipients received a Single Audit, Compliance is unable to provide assurance that Social Services is meeting the audit requirements set forth in 2 CFR § 200.332(d)(3) and (f). Additionally, Compliance cannot provide Social Services with assurance that its subrecipient monitoring efforts are adequate without reviewing non-locality Single Audit reports.
In its corrective action plan as of the end of fiscal year 2023, Compliance indicated that it has worked with Social Services’ Executive Team to put forth a budget request to procure a grants management system to assist with its subrecipient monitoring efforts. Additionally, Compliance is considering implementing a manual system where it will review non-locality Single Audit reports until it implements a permanent solution. However, Compliance was unable to procure a grants management system to support its subrecipient monitoring efforts during the fiscal year and it did not implement a manual system to comply with the requirements in 2 CFR § 200.332(d)(3) and (f) because of a lack of available resources.
Compliance should continue to work with Social Services’ Executive Team to determine which solution(s) would be the most beneficial to the organization to comply with these federal requirements. Additionally, Compliance should consider using the query functionalities in the Clearinghouse to determine whether any of its non-locality subrecipients have audit findings that warrant a management decision.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-099: Communicate Responsibilities to Subrecipient Monitoring Coordinators
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-012; 2021-069; 2020-076
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Compliance has not communicated responsibilities to subrecipient monitoring coordinators, as required by the Agency Monitoring Plan. Compliance’s Agency Monitoring Plan serves as a guide in the development, implementation, and coordination of division monitoring plans and aims to address accountability and provide consistency in monitoring activities across all Social Services’ divisions and offices. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards.
Title 2 CFR § 200.332(d) requires pass-through entities to monitor the activities of subrecipients as necessary to ensure that the subaward is used for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Further, 2 CFR § 200.303(a) requires pass-through entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Since the prior audit, Compliance has updated and finalized the Agency Monitoring Plan but has been unable to communicate it to the subrecipient monitoring coordinators because of a lack of available resources. Without communicating responsibilities to subrecipient monitoring coordinators, Compliance cannot provide assurance that Social Services adequately monitors all its subrecipients to ensure they are achieving program objectives or complying with federal requirements. Compliance should continue to work with Social Services’ Executive Team to obtain the appropriate resources so that it can communicate responsibilities to subrecipient monitoring coordinators.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-099: Communicate Responsibilities to Subrecipient Monitoring Coordinators
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-012; 2021-069; 2020-076
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Compliance has not communicated responsibilities to subrecipient monitoring coordinators, as required by the Agency Monitoring Plan. Compliance’s Agency Monitoring Plan serves as a guide in the development, implementation, and coordination of division monitoring plans and aims to address accountability and provide consistency in monitoring activities across all Social Services’ divisions and offices. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards.
Title 2 CFR § 200.332(d) requires pass-through entities to monitor the activities of subrecipients as necessary to ensure that the subaward is used for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Further, 2 CFR § 200.303(a) requires pass-through entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Since the prior audit, Compliance has updated and finalized the Agency Monitoring Plan but has been unable to communicate it to the subrecipient monitoring coordinators because of a lack of available resources. Without communicating responsibilities to subrecipient monitoring coordinators, Compliance cannot provide assurance that Social Services adequately monitors all its subrecipients to ensure they are achieving program objectives or complying with federal requirements. Compliance should continue to work with Social Services’ Executive Team to obtain the appropriate resources so that it can communicate responsibilities to subrecipient monitoring coordinators.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-099: Communicate Responsibilities to Subrecipient Monitoring Coordinators
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-012; 2021-069; 2020-076
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Compliance has not communicated responsibilities to subrecipient monitoring coordinators, as required by the Agency Monitoring Plan. Compliance’s Agency Monitoring Plan serves as a guide in the development, implementation, and coordination of division monitoring plans and aims to address accountability and provide consistency in monitoring activities across all Social Services’ divisions and offices. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards.
Title 2 CFR § 200.332(d) requires pass-through entities to monitor the activities of subrecipients as necessary to ensure that the subaward is used for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Further, 2 CFR § 200.303(a) requires pass-through entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Since the prior audit, Compliance has updated and finalized the Agency Monitoring Plan but has been unable to communicate it to the subrecipient monitoring coordinators because of a lack of available resources. Without communicating responsibilities to subrecipient monitoring coordinators, Compliance cannot provide assurance that Social Services adequately monitors all its subrecipients to ensure they are achieving program objectives or complying with federal requirements. Compliance should continue to work with Social Services’ Executive Team to obtain the appropriate resources so that it can communicate responsibilities to subrecipient monitoring coordinators.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-100: Evaluate Subrecipients' Risk of Noncompliance in Accordance with Federal Regulations
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-016; 2021-071
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5ADM; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b)
Known Questioned Costs: $0
Benefit Programs did not evaluate subrecipients’ risk of noncompliance with federal regulations related to the administration of the TANF federal grant program and the Medicaid Cluster during fiscal year 2023. Benefit Programs only considered the size of the subrecipient when determining the extent of monitoring necessary. Social Services disbursed approximately $178 million to roughly 270 subrecipients from these federal programs during the period under review.
Title 2 CFR § 200.332(b) requires pass-through entities to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Further, 2 CFR § 200.332(b) suggests that pass-through entities should consider the results of previous audits, the subrecipient’s prior experience with the same or similar subawards, and whether the subrecipient has new personnel or new or substantially changed systems. Without performing the proper risk assessment procedures, Benefit Programs cannot demonstrate that it monitored the activities of the subrecipient as necessary to ensure that the pass-through entity used the subaward for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
As part of its corrective action, Benefit Programs created a new monitoring plan in April 2023 that includes a risk assessment tool that conforms with federal regulations. However, Benefit Programs did not place the new risk assessment tool into operation until after fiscal year 2023 because of the communication and training that needed to occur on the new monitoring plan. Benefit Programs should continue its corrective action efforts and confirm that program consultants are completing the risk assessment tool properly.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-100: Evaluate Subrecipients' Risk of Noncompliance in Accordance with Federal Regulations
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-016; 2021-071
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5ADM; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b)
Known Questioned Costs: $0
Benefit Programs did not evaluate subrecipients’ risk of noncompliance with federal regulations related to the administration of the TANF federal grant program and the Medicaid Cluster during fiscal year 2023. Benefit Programs only considered the size of the subrecipient when determining the extent of monitoring necessary. Social Services disbursed approximately $178 million to roughly 270 subrecipients from these federal programs during the period under review.
Title 2 CFR § 200.332(b) requires pass-through entities to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Further, 2 CFR § 200.332(b) suggests that pass-through entities should consider the results of previous audits, the subrecipient’s prior experience with the same or similar subawards, and whether the subrecipient has new personnel or new or substantially changed systems. Without performing the proper risk assessment procedures, Benefit Programs cannot demonstrate that it monitored the activities of the subrecipient as necessary to ensure that the pass-through entity used the subaward for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
As part of its corrective action, Benefit Programs created a new monitoring plan in April 2023 that includes a risk assessment tool that conforms with federal regulations. However, Benefit Programs did not place the new risk assessment tool into operation until after fiscal year 2023 because of the communication and training that needed to occur on the new monitoring plan. Benefit Programs should continue its corrective action efforts and confirm that program consultants are completing the risk assessment tool properly.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-100: Evaluate Subrecipients' Risk of Noncompliance in Accordance with Federal Regulations
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-016; 2021-071
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5ADM; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b)
Known Questioned Costs: $0
Benefit Programs did not evaluate subrecipients’ risk of noncompliance with federal regulations related to the administration of the TANF federal grant program and the Medicaid Cluster during fiscal year 2023. Benefit Programs only considered the size of the subrecipient when determining the extent of monitoring necessary. Social Services disbursed approximately $178 million to roughly 270 subrecipients from these federal programs during the period under review.
Title 2 CFR § 200.332(b) requires pass-through entities to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Further, 2 CFR § 200.332(b) suggests that pass-through entities should consider the results of previous audits, the subrecipient’s prior experience with the same or similar subawards, and whether the subrecipient has new personnel or new or substantially changed systems. Without performing the proper risk assessment procedures, Benefit Programs cannot demonstrate that it monitored the activities of the subrecipient as necessary to ensure that the pass-through entity used the subaward for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
As part of its corrective action, Benefit Programs created a new monitoring plan in April 2023 that includes a risk assessment tool that conforms with federal regulations. However, Benefit Programs did not place the new risk assessment tool into operation until after fiscal year 2023 because of the communication and training that needed to occur on the new monitoring plan. Benefit Programs should continue its corrective action efforts and confirm that program consultants are completing the risk assessment tool properly.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-100: Evaluate Subrecipients' Risk of Noncompliance in Accordance with Federal Regulations
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-016; 2021-071
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5ADM; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b)
Known Questioned Costs: $0
Benefit Programs did not evaluate subrecipients’ risk of noncompliance with federal regulations related to the administration of the TANF federal grant program and the Medicaid Cluster during fiscal year 2023. Benefit Programs only considered the size of the subrecipient when determining the extent of monitoring necessary. Social Services disbursed approximately $178 million to roughly 270 subrecipients from these federal programs during the period under review.
Title 2 CFR § 200.332(b) requires pass-through entities to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Further, 2 CFR § 200.332(b) suggests that pass-through entities should consider the results of previous audits, the subrecipient’s prior experience with the same or similar subawards, and whether the subrecipient has new personnel or new or substantially changed systems. Without performing the proper risk assessment procedures, Benefit Programs cannot demonstrate that it monitored the activities of the subrecipient as necessary to ensure that the pass-through entity used the subaward for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
As part of its corrective action, Benefit Programs created a new monitoring plan in April 2023 that includes a risk assessment tool that conforms with federal regulations. However, Benefit Programs did not place the new risk assessment tool into operation until after fiscal year 2023 because of the communication and training that needed to occur on the new monitoring plan. Benefit Programs should continue its corrective action efforts and confirm that program consultants are completing the risk assessment tool properly.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-100: Evaluate Subrecipients' Risk of Noncompliance in Accordance with Federal Regulations
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-016; 2021-071
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5ADM; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b)
Known Questioned Costs: $0
Benefit Programs did not evaluate subrecipients’ risk of noncompliance with federal regulations related to the administration of the TANF federal grant program and the Medicaid Cluster during fiscal year 2023. Benefit Programs only considered the size of the subrecipient when determining the extent of monitoring necessary. Social Services disbursed approximately $178 million to roughly 270 subrecipients from these federal programs during the period under review.
Title 2 CFR § 200.332(b) requires pass-through entities to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Further, 2 CFR § 200.332(b) suggests that pass-through entities should consider the results of previous audits, the subrecipient’s prior experience with the same or similar subawards, and whether the subrecipient has new personnel or new or substantially changed systems. Without performing the proper risk assessment procedures, Benefit Programs cannot demonstrate that it monitored the activities of the subrecipient as necessary to ensure that the pass-through entity used the subaward for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
As part of its corrective action, Benefit Programs created a new monitoring plan in April 2023 that includes a risk assessment tool that conforms with federal regulations. However, Benefit Programs did not place the new risk assessment tool into operation until after fiscal year 2023 because of the communication and training that needed to occur on the new monitoring plan. Benefit Programs should continue its corrective action efforts and confirm that program consultants are completing the risk assessment tool properly.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-100: Evaluate Subrecipients' Risk of Noncompliance in Accordance with Federal Regulations
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-016; 2021-071
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5ADM; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b)
Known Questioned Costs: $0
Benefit Programs did not evaluate subrecipients’ risk of noncompliance with federal regulations related to the administration of the TANF federal grant program and the Medicaid Cluster during fiscal year 2023. Benefit Programs only considered the size of the subrecipient when determining the extent of monitoring necessary. Social Services disbursed approximately $178 million to roughly 270 subrecipients from these federal programs during the period under review.
Title 2 CFR § 200.332(b) requires pass-through entities to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Further, 2 CFR § 200.332(b) suggests that pass-through entities should consider the results of previous audits, the subrecipient’s prior experience with the same or similar subawards, and whether the subrecipient has new personnel or new or substantially changed systems. Without performing the proper risk assessment procedures, Benefit Programs cannot demonstrate that it monitored the activities of the subrecipient as necessary to ensure that the pass-through entity used the subaward for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
As part of its corrective action, Benefit Programs created a new monitoring plan in April 2023 that includes a risk assessment tool that conforms with federal regulations. However, Benefit Programs did not place the new risk assessment tool into operation until after fiscal year 2023 because of the communication and training that needed to occur on the new monitoring plan. Benefit Programs should continue its corrective action efforts and confirm that program consultants are completing the risk assessment tool properly.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-101: Verify that Monitoring Plan Includes All Subrecipient Programmatic Activities
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-015
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b); 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs fiscal year 2023 monitoring plan did not include all subrecipient programmatic activities for the TANF federal grant program. Benefit Programs’ primary programmatic activity for the TANF federal grant program is eligibility determination functions performed by local agencies. However, Benefit Programs also awards various competitive grants to local governments and non-profit organizations to help TANF recipients become self-sufficient.
According to 2 CFR § 200.322(b) all pass-through entities are required to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Additionally, 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure it uses the subaward for authorized purposes, which comply with federal statutes, regulations, and the terms and conditions of the subaward; and that the subrecipient achieves subaward performance goals. Without including all programmatic activities in the monitoring plan, Benefit Programs cannot provide assurance that subrecipients used TANF federal grant funds for authorized purposes in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
In response to the prior year’s audit recommendation, Benefit Programs’ management analyzed all its programmatic activities and verified that they were incorporated into its fiscal year 2024 monitoring plan. As part of its corrective action, Benefit Programs’ management mandated that home office staff monitor subrecipients receiving TANF competitive grants once every three years and complete risk assessment procedures in other years to verify that there have not been any changes in the subrecipient’s risk profile. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that it includes all programmatic activities within its monitoring plan and that it conducts monitoring activities in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-101: Verify that Monitoring Plan Includes All Subrecipient Programmatic Activities
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-015
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b); 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs fiscal year 2023 monitoring plan did not include all subrecipient programmatic activities for the TANF federal grant program. Benefit Programs’ primary programmatic activity for the TANF federal grant program is eligibility determination functions performed by local agencies. However, Benefit Programs also awards various competitive grants to local governments and non-profit organizations to help TANF recipients become self-sufficient.
According to 2 CFR § 200.322(b) all pass-through entities are required to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Additionally, 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure it uses the subaward for authorized purposes, which comply with federal statutes, regulations, and the terms and conditions of the subaward; and that the subrecipient achieves subaward performance goals. Without including all programmatic activities in the monitoring plan, Benefit Programs cannot provide assurance that subrecipients used TANF federal grant funds for authorized purposes in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
In response to the prior year’s audit recommendation, Benefit Programs’ management analyzed all its programmatic activities and verified that they were incorporated into its fiscal year 2024 monitoring plan. As part of its corrective action, Benefit Programs’ management mandated that home office staff monitor subrecipients receiving TANF competitive grants once every three years and complete risk assessment procedures in other years to verify that there have not been any changes in the subrecipient’s risk profile. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that it includes all programmatic activities within its monitoring plan and that it conducts monitoring activities in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-101: Verify that Monitoring Plan Includes All Subrecipient Programmatic Activities
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-015
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b); 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs fiscal year 2023 monitoring plan did not include all subrecipient programmatic activities for the TANF federal grant program. Benefit Programs’ primary programmatic activity for the TANF federal grant program is eligibility determination functions performed by local agencies. However, Benefit Programs also awards various competitive grants to local governments and non-profit organizations to help TANF recipients become self-sufficient.
According to 2 CFR § 200.322(b) all pass-through entities are required to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Additionally, 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure it uses the subaward for authorized purposes, which comply with federal statutes, regulations, and the terms and conditions of the subaward; and that the subrecipient achieves subaward performance goals. Without including all programmatic activities in the monitoring plan, Benefit Programs cannot provide assurance that subrecipients used TANF federal grant funds for authorized purposes in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
In response to the prior year’s audit recommendation, Benefit Programs’ management analyzed all its programmatic activities and verified that they were incorporated into its fiscal year 2024 monitoring plan. As part of its corrective action, Benefit Programs’ management mandated that home office staff monitor subrecipients receiving TANF competitive grants once every three years and complete risk assessment procedures in other years to verify that there have not been any changes in the subrecipient’s risk profile. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that it includes all programmatic activities within its monitoring plan and that it conducts monitoring activities in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-102: Confirm Monitoring Activities are Conducted in Accordance with the Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-014
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 305VA5MAP; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs did not oversee subrecipient monitoring activities to ensure they were conducted in accordance with its monitoring plan. During fiscal year 2023, Benefit Programs disbursed approximately $173 million in subaward payments from the TANF federal grant program and Medicaid Cluster. During the audit, we noted the following deviations from Benefit Programs’ monitoring plan:
Benefit Programs created a monitoring plan for fiscal year 2023 to comply with Compliance’s Plan. Regional consultants, who perform subrecipient monitoring activities, created their own subrecipient monitoring schedules that were not consistent with Benefit Programs’ monitoring plan. As a result, Benefit Programs only completed 35 of the 63 (56%) scheduled reviews for the TANF federal grant program and Medicaid Cluster. Regional consultants completed 28 additional reviews which Benefit Program did not originally included in its monitoring plan.
Benefit Programs did not confirm that fiscal year 2023 monitoring review records uploaded to its data repository were complete. Some of the missing records included the agency notification letter, case selection sample, and subrecipient monitoring checklist.
Title 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure that it uses the subaward authorized purposes, which are in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Without confirming that monitoring activities are conducted in accordance with the monitoring plan, Benefit Programs cannot provide assurance that it complied with the provisions at 2 CFR § 200.332(d).
In response to the prior year’s audit recommendation, Benefit Programs created a new monitoring plan in April 2023 to address the deficiencies noted above. As part of its corrective action, Benefit Programs’ subrecipient monitoring coordinator will be responsible for tracking regional consultants’ monitoring activities, verifying that all relevant monitoring documents are uploaded to its data repository, creating desk tools for regional consultants, and providing training on the new monitoring plan. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that monitoring activities are conducted in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-102: Confirm Monitoring Activities are Conducted in Accordance with the Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-014
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 305VA5MAP; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs did not oversee subrecipient monitoring activities to ensure they were conducted in accordance with its monitoring plan. During fiscal year 2023, Benefit Programs disbursed approximately $173 million in subaward payments from the TANF federal grant program and Medicaid Cluster. During the audit, we noted the following deviations from Benefit Programs’ monitoring plan:
Benefit Programs created a monitoring plan for fiscal year 2023 to comply with Compliance’s Plan. Regional consultants, who perform subrecipient monitoring activities, created their own subrecipient monitoring schedules that were not consistent with Benefit Programs’ monitoring plan. As a result, Benefit Programs only completed 35 of the 63 (56%) scheduled reviews for the TANF federal grant program and Medicaid Cluster. Regional consultants completed 28 additional reviews which Benefit Program did not originally included in its monitoring plan.
Benefit Programs did not confirm that fiscal year 2023 monitoring review records uploaded to its data repository were complete. Some of the missing records included the agency notification letter, case selection sample, and subrecipient monitoring checklist.
Title 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure that it uses the subaward authorized purposes, which are in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Without confirming that monitoring activities are conducted in accordance with the monitoring plan, Benefit Programs cannot provide assurance that it complied with the provisions at 2 CFR § 200.332(d).
In response to the prior year’s audit recommendation, Benefit Programs created a new monitoring plan in April 2023 to address the deficiencies noted above. As part of its corrective action, Benefit Programs’ subrecipient monitoring coordinator will be responsible for tracking regional consultants’ monitoring activities, verifying that all relevant monitoring documents are uploaded to its data repository, creating desk tools for regional consultants, and providing training on the new monitoring plan. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that monitoring activities are conducted in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-102: Confirm Monitoring Activities are Conducted in Accordance with the Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-014
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 305VA5MAP; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs did not oversee subrecipient monitoring activities to ensure they were conducted in accordance with its monitoring plan. During fiscal year 2023, Benefit Programs disbursed approximately $173 million in subaward payments from the TANF federal grant program and Medicaid Cluster. During the audit, we noted the following deviations from Benefit Programs’ monitoring plan:
Benefit Programs created a monitoring plan for fiscal year 2023 to comply with Compliance’s Plan. Regional consultants, who perform subrecipient monitoring activities, created their own subrecipient monitoring schedules that were not consistent with Benefit Programs’ monitoring plan. As a result, Benefit Programs only completed 35 of the 63 (56%) scheduled reviews for the TANF federal grant program and Medicaid Cluster. Regional consultants completed 28 additional reviews which Benefit Program did not originally included in its monitoring plan.
Benefit Programs did not confirm that fiscal year 2023 monitoring review records uploaded to its data repository were complete. Some of the missing records included the agency notification letter, case selection sample, and subrecipient monitoring checklist.
Title 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure that it uses the subaward authorized purposes, which are in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Without confirming that monitoring activities are conducted in accordance with the monitoring plan, Benefit Programs cannot provide assurance that it complied with the provisions at 2 CFR § 200.332(d).
In response to the prior year’s audit recommendation, Benefit Programs created a new monitoring plan in April 2023 to address the deficiencies noted above. As part of its corrective action, Benefit Programs’ subrecipient monitoring coordinator will be responsible for tracking regional consultants’ monitoring activities, verifying that all relevant monitoring documents are uploaded to its data repository, creating desk tools for regional consultants, and providing training on the new monitoring plan. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that monitoring activities are conducted in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-102: Confirm Monitoring Activities are Conducted in Accordance with the Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-014
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 305VA5MAP; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs did not oversee subrecipient monitoring activities to ensure they were conducted in accordance with its monitoring plan. During fiscal year 2023, Benefit Programs disbursed approximately $173 million in subaward payments from the TANF federal grant program and Medicaid Cluster. During the audit, we noted the following deviations from Benefit Programs’ monitoring plan:
Benefit Programs created a monitoring plan for fiscal year 2023 to comply with Compliance’s Plan. Regional consultants, who perform subrecipient monitoring activities, created their own subrecipient monitoring schedules that were not consistent with Benefit Programs’ monitoring plan. As a result, Benefit Programs only completed 35 of the 63 (56%) scheduled reviews for the TANF federal grant program and Medicaid Cluster. Regional consultants completed 28 additional reviews which Benefit Program did not originally included in its monitoring plan.
Benefit Programs did not confirm that fiscal year 2023 monitoring review records uploaded to its data repository were complete. Some of the missing records included the agency notification letter, case selection sample, and subrecipient monitoring checklist.
Title 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure that it uses the subaward authorized purposes, which are in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Without confirming that monitoring activities are conducted in accordance with the monitoring plan, Benefit Programs cannot provide assurance that it complied with the provisions at 2 CFR § 200.332(d).
In response to the prior year’s audit recommendation, Benefit Programs created a new monitoring plan in April 2023 to address the deficiencies noted above. As part of its corrective action, Benefit Programs’ subrecipient monitoring coordinator will be responsible for tracking regional consultants’ monitoring activities, verifying that all relevant monitoring documents are uploaded to its data repository, creating desk tools for regional consultants, and providing training on the new monitoring plan. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that monitoring activities are conducted in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-102: Confirm Monitoring Activities are Conducted in Accordance with the Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-014
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 305VA5MAP; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs did not oversee subrecipient monitoring activities to ensure they were conducted in accordance with its monitoring plan. During fiscal year 2023, Benefit Programs disbursed approximately $173 million in subaward payments from the TANF federal grant program and Medicaid Cluster. During the audit, we noted the following deviations from Benefit Programs’ monitoring plan:
Benefit Programs created a monitoring plan for fiscal year 2023 to comply with Compliance’s Plan. Regional consultants, who perform subrecipient monitoring activities, created their own subrecipient monitoring schedules that were not consistent with Benefit Programs’ monitoring plan. As a result, Benefit Programs only completed 35 of the 63 (56%) scheduled reviews for the TANF federal grant program and Medicaid Cluster. Regional consultants completed 28 additional reviews which Benefit Program did not originally included in its monitoring plan.
Benefit Programs did not confirm that fiscal year 2023 monitoring review records uploaded to its data repository were complete. Some of the missing records included the agency notification letter, case selection sample, and subrecipient monitoring checklist.
Title 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure that it uses the subaward authorized purposes, which are in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Without confirming that monitoring activities are conducted in accordance with the monitoring plan, Benefit Programs cannot provide assurance that it complied with the provisions at 2 CFR § 200.332(d).
In response to the prior year’s audit recommendation, Benefit Programs created a new monitoring plan in April 2023 to address the deficiencies noted above. As part of its corrective action, Benefit Programs’ subrecipient monitoring coordinator will be responsible for tracking regional consultants’ monitoring activities, verifying that all relevant monitoring documents are uploaded to its data repository, creating desk tools for regional consultants, and providing training on the new monitoring plan. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that monitoring activities are conducted in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-102: Confirm Monitoring Activities are Conducted in Accordance with the Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-014
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 305VA5MAP; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs did not oversee subrecipient monitoring activities to ensure they were conducted in accordance with its monitoring plan. During fiscal year 2023, Benefit Programs disbursed approximately $173 million in subaward payments from the TANF federal grant program and Medicaid Cluster. During the audit, we noted the following deviations from Benefit Programs’ monitoring plan:
Benefit Programs created a monitoring plan for fiscal year 2023 to comply with Compliance’s Plan. Regional consultants, who perform subrecipient monitoring activities, created their own subrecipient monitoring schedules that were not consistent with Benefit Programs’ monitoring plan. As a result, Benefit Programs only completed 35 of the 63 (56%) scheduled reviews for the TANF federal grant program and Medicaid Cluster. Regional consultants completed 28 additional reviews which Benefit Program did not originally included in its monitoring plan.
Benefit Programs did not confirm that fiscal year 2023 monitoring review records uploaded to its data repository were complete. Some of the missing records included the agency notification letter, case selection sample, and subrecipient monitoring checklist.
Title 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure that it uses the subaward authorized purposes, which are in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Without confirming that monitoring activities are conducted in accordance with the monitoring plan, Benefit Programs cannot provide assurance that it complied with the provisions at 2 CFR § 200.332(d).
In response to the prior year’s audit recommendation, Benefit Programs created a new monitoring plan in April 2023 to address the deficiencies noted above. As part of its corrective action, Benefit Programs’ subrecipient monitoring coordinator will be responsible for tracking regional consultants’ monitoring activities, verifying that all relevant monitoring documents are uploaded to its data repository, creating desk tools for regional consultants, and providing training on the new monitoring plan. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that monitoring activities are conducted in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-103: Monitor Case Management System Records to Ensure Compliance with TANF Eligibility Requirements
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Eligibility - 2 CFR § 200.303(a)
Known Questioned Costs: $12,275
Social Services did not comply with certain federal eligibility requirements for the TANF federal grant program, resulting in known questioned costs of $12,275. The TANF federal grant program provided over $120 million in assistance to approximately 28,000 needy families during fiscal year 2023. During the audit, we reperformed the eligibility determinations for all needy families that received assistance during the fiscal year and identified 30 instances (<1%) where the facts in the recipient’s case record did not support the eligibility determination. Specifically:
For sixteen payments, staff did not properly assign to the state the rights the family member may have for child support. In 12 instances, Social Services underpaid benefit amounts to recipients, and in two instances, Social Services improperly denied benefits to the recipient due to manually entering child support payments beyond the acceptable timeframe. Staff incorrectly keyed the remaining two instances into the system but did not result in an adverse financial effect to the recipient or Social Services. Title 42 United States Code (USC) 608(a)(3) mandates that the State shall require that, as a condition of providing assistance, a member of the family assigned to the state the rights the family member may have for support from any other person and this assignment may not exceed the amount of assistance provided by the State.
For eight payments, staff did not properly evaluate the income eligibility. Title 45 CFR § 263.2(b)(2) defines financially “needy” as financially eligible according to the state’s quantified income and resource criteria, which Social Services quantifies through its TANF Manual as maximum income charts in Section 305, Appendix 1.
For two payments, staff did not properly evaluate the extended absence of a child or adult to determine the effect on household eligibility. Title 42 USC 608(a)(10) mandates that a state may not provide assistance to an individual who is a parent (or other caretaker relative) of a minor child who fails to notify the state agency of the absence of the minor child from the home within five days of the date that it becomes clear to that individual that the child will be absent for the specified period of time.
Staff did not properly reduce or terminate two payments for individuals not complying with the Commonwealth’s work requirements for TANF recipients. Title 45 CFR §261.13 mandates that if an individual in a family receiving assistance refuses to engage in required work without good cause, a state must reduce assistance to the family, at least pro rata, with respect to any period during the month in which the individual refuses or may terminate assistance.
Staff did not properly evaluate the qualified alien status for one payment as required by 8 USC § 1611.
One recipient had a failed eligibility determination yet received a payment from the case management system. Title 45 CFR § 206.10(a)(8) requires that each decision regarding eligibility or ineligibility to be supported by facts in the applicant's or recipient's case record.
Social Services relies on its case management system to properly determine eligibility, correctly calculate benefits payments, and achieve the federal requirements of the TANF federal grant program. Of the exceptions noted above, 16 of the 30 (53%) were the result of local agency eligibility workers mistakenly reporting child support payments as unearned revenue beyond the acceptable timeframe instead of assigning these payments to the Commonwealth for referral to the Division of Child Support Enforcement, as required by the CFR. The remaining 14 exceptions (47%) resulted from local agency eligibility workers manually overriding the eligibility determination made by the case management system and not including sufficient documentation to justify the rationale for the override. Social Services provides local agency eligibility workers with elevated access to the case management system so they can exercise their judgement during the applicant intake process. However, Social Services does not appear to monitor the use of manual overrides to ensure they are documented appropriately and that local agency eligibility workers are not using them excessively. In effect, Social Services places itself at risk of having to repay grant funds to the federal government if it does not comply with federal laws and regulations.
Social Services should provide additional training to local agency eligibility workers on how to properly determine and document eligibility determinations in the case management system. Additionally, Social Services should consider monitoring local agency eligibility worker’s use of manual overrides to confirm that they properly document eligibility determinations in the case management system. By providing additional training and implementing additional internal controls, Social Services will be able to ensure that sufficient documentation supports each eligibility decision in its case management system in the applicant’s or recipient’s case record.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-103: Monitor Case Management System Records to Ensure Compliance with TANF Eligibility Requirements
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Eligibility - 2 CFR § 200.303(a)
Known Questioned Costs: $12,275
Social Services did not comply with certain federal eligibility requirements for the TANF federal grant program, resulting in known questioned costs of $12,275. The TANF federal grant program provided over $120 million in assistance to approximately 28,000 needy families during fiscal year 2023. During the audit, we reperformed the eligibility determinations for all needy families that received assistance during the fiscal year and identified 30 instances (<1%) where the facts in the recipient’s case record did not support the eligibility determination. Specifically:
For sixteen payments, staff did not properly assign to the state the rights the family member may have for child support. In 12 instances, Social Services underpaid benefit amounts to recipients, and in two instances, Social Services improperly denied benefits to the recipient due to manually entering child support payments beyond the acceptable timeframe. Staff incorrectly keyed the remaining two instances into the system but did not result in an adverse financial effect to the recipient or Social Services. Title 42 United States Code (USC) 608(a)(3) mandates that the State shall require that, as a condition of providing assistance, a member of the family assigned to the state the rights the family member may have for support from any other person and this assignment may not exceed the amount of assistance provided by the State.
For eight payments, staff did not properly evaluate the income eligibility. Title 45 CFR § 263.2(b)(2) defines financially “needy” as financially eligible according to the state’s quantified income and resource criteria, which Social Services quantifies through its TANF Manual as maximum income charts in Section 305, Appendix 1.
For two payments, staff did not properly evaluate the extended absence of a child or adult to determine the effect on household eligibility. Title 42 USC 608(a)(10) mandates that a state may not provide assistance to an individual who is a parent (or other caretaker relative) of a minor child who fails to notify the state agency of the absence of the minor child from the home within five days of the date that it becomes clear to that individual that the child will be absent for the specified period of time.
Staff did not properly reduce or terminate two payments for individuals not complying with the Commonwealth’s work requirements for TANF recipients. Title 45 CFR §261.13 mandates that if an individual in a family receiving assistance refuses to engage in required work without good cause, a state must reduce assistance to the family, at least pro rata, with respect to any period during the month in which the individual refuses or may terminate assistance.
Staff did not properly evaluate the qualified alien status for one payment as required by 8 USC § 1611.
One recipient had a failed eligibility determination yet received a payment from the case management system. Title 45 CFR § 206.10(a)(8) requires that each decision regarding eligibility or ineligibility to be supported by facts in the applicant's or recipient's case record.
Social Services relies on its case management system to properly determine eligibility, correctly calculate benefits payments, and achieve the federal requirements of the TANF federal grant program. Of the exceptions noted above, 16 of the 30 (53%) were the result of local agency eligibility workers mistakenly reporting child support payments as unearned revenue beyond the acceptable timeframe instead of assigning these payments to the Commonwealth for referral to the Division of Child Support Enforcement, as required by the CFR. The remaining 14 exceptions (47%) resulted from local agency eligibility workers manually overriding the eligibility determination made by the case management system and not including sufficient documentation to justify the rationale for the override. Social Services provides local agency eligibility workers with elevated access to the case management system so they can exercise their judgement during the applicant intake process. However, Social Services does not appear to monitor the use of manual overrides to ensure they are documented appropriately and that local agency eligibility workers are not using them excessively. In effect, Social Services places itself at risk of having to repay grant funds to the federal government if it does not comply with federal laws and regulations.
Social Services should provide additional training to local agency eligibility workers on how to properly determine and document eligibility determinations in the case management system. Additionally, Social Services should consider monitoring local agency eligibility worker’s use of manual overrides to confirm that they properly document eligibility determinations in the case management system. By providing additional training and implementing additional internal controls, Social Services will be able to ensure that sufficient documentation supports each eligibility decision in its case management system in the applicant’s or recipient’s case record.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-103: Monitor Case Management System Records to Ensure Compliance with TANF Eligibility Requirements
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Eligibility - 2 CFR § 200.303(a)
Known Questioned Costs: $12,275
Social Services did not comply with certain federal eligibility requirements for the TANF federal grant program, resulting in known questioned costs of $12,275. The TANF federal grant program provided over $120 million in assistance to approximately 28,000 needy families during fiscal year 2023. During the audit, we reperformed the eligibility determinations for all needy families that received assistance during the fiscal year and identified 30 instances (<1%) where the facts in the recipient’s case record did not support the eligibility determination. Specifically:
For sixteen payments, staff did not properly assign to the state the rights the family member may have for child support. In 12 instances, Social Services underpaid benefit amounts to recipients, and in two instances, Social Services improperly denied benefits to the recipient due to manually entering child support payments beyond the acceptable timeframe. Staff incorrectly keyed the remaining two instances into the system but did not result in an adverse financial effect to the recipient or Social Services. Title 42 United States Code (USC) 608(a)(3) mandates that the State shall require that, as a condition of providing assistance, a member of the family assigned to the state the rights the family member may have for support from any other person and this assignment may not exceed the amount of assistance provided by the State.
For eight payments, staff did not properly evaluate the income eligibility. Title 45 CFR § 263.2(b)(2) defines financially “needy” as financially eligible according to the state’s quantified income and resource criteria, which Social Services quantifies through its TANF Manual as maximum income charts in Section 305, Appendix 1.
For two payments, staff did not properly evaluate the extended absence of a child or adult to determine the effect on household eligibility. Title 42 USC 608(a)(10) mandates that a state may not provide assistance to an individual who is a parent (or other caretaker relative) of a minor child who fails to notify the state agency of the absence of the minor child from the home within five days of the date that it becomes clear to that individual that the child will be absent for the specified period of time.
Staff did not properly reduce or terminate two payments for individuals not complying with the Commonwealth’s work requirements for TANF recipients. Title 45 CFR §261.13 mandates that if an individual in a family receiving assistance refuses to engage in required work without good cause, a state must reduce assistance to the family, at least pro rata, with respect to any period during the month in which the individual refuses or may terminate assistance.
Staff did not properly evaluate the qualified alien status for one payment as required by 8 USC § 1611.
One recipient had a failed eligibility determination yet received a payment from the case management system. Title 45 CFR § 206.10(a)(8) requires that each decision regarding eligibility or ineligibility to be supported by facts in the applicant's or recipient's case record.
Social Services relies on its case management system to properly determine eligibility, correctly calculate benefits payments, and achieve the federal requirements of the TANF federal grant program. Of the exceptions noted above, 16 of the 30 (53%) were the result of local agency eligibility workers mistakenly reporting child support payments as unearned revenue beyond the acceptable timeframe instead of assigning these payments to the Commonwealth for referral to the Division of Child Support Enforcement, as required by the CFR. The remaining 14 exceptions (47%) resulted from local agency eligibility workers manually overriding the eligibility determination made by the case management system and not including sufficient documentation to justify the rationale for the override. Social Services provides local agency eligibility workers with elevated access to the case management system so they can exercise their judgement during the applicant intake process. However, Social Services does not appear to monitor the use of manual overrides to ensure they are documented appropriately and that local agency eligibility workers are not using them excessively. In effect, Social Services places itself at risk of having to repay grant funds to the federal government if it does not comply with federal laws and regulations.
Social Services should provide additional training to local agency eligibility workers on how to properly determine and document eligibility determinations in the case management system. Additionally, Social Services should consider monitoring local agency eligibility worker’s use of manual overrides to confirm that they properly document eligibility determinations in the case management system. By providing additional training and implementing additional internal controls, Social Services will be able to ensure that sufficient documentation supports each eligibility decision in its case management system in the applicant’s or recipient’s case record.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-104: Obtain Reasonable Assurance over Contractor Compliance with Program Regulations
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Low-Income Household Water Assistance Program (LIHWAP) - 93.499
Federal Award Number and Year: 2101VALWC1 - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Eligibility - 2 CFR § 200.303(a); 2 CFR § 200.501(g)
Known Questioned Costs: $0
Social Services cannot provide reasonable assurance that its contractor administered the Low-Income Household Water Assistance Program (LIHWAP) in compliance with federal statutes, regulations, and the terms and conditions of the federal award. Reasonable assurance is a high, but not absolute, level of assurance that the entity and its contractors have complied with federal laws and regulations.
The United States Department of Health and Human Services awarded approximately $25 million to Social Services to administer the LIHWAP federal grant program. The objective of the LIHWAP federal grant program is to meet unprecedented water services needs that arose during the COVID-19 pandemic and provide quick intervention to help the people facing high water or wastewater costs compared to their income in resuming and/or maintaining their home water or wastewater services.
Social Services partnered with a for-profit contractor to administer the program on its behalf due to resource limitations and the need to provide this assistance to individuals as quickly as possible. Through its contractual agreement, Social Services assumed ultimate responsibility for program compliance and incorporated certain measures into its contractual agreement to maintain compliance with federal laws and regulations. Specifically, Social Services was to agree on performance self-assessment criteria with the contractor within 30 calendar days of the execution of the project start date, then have the contractor prepare a monthly self-assessment to report on such criteria. Social Services then had ten business days, after the receipt of the contractor’s self-assessment, to audit the results of the contractor’s service level obligations and performance requirements and discuss any discrepancies with the contractor to determine if invoice or payment adjustments were necessary.
Because of the fast-paced nature of the program and the need to provide the assistance to individuals as quickly as possible, Social Services was unable to agree on the performance criteria with the contractor. As a result, Social Services did not receive the monthly self-assessments from the contractor and audit them in accordance with the contractual agreement. While Social Services did have on-going discussions with the contractor about program compliance and did perform periodic reviews of applicant records, these reviews did not follow a systematic process that provides reasonable assurance over the contractor’s compliance with program regulations.
Title 2 CFR § 200.501(g) states that the auditee is responsible for reviewing the contractor’s records to determine program compliance. Additionally, 2 CFR § 200.303(a) states that non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award. Since Social Services has not implemented the contractual provisions related to the vendor’s self-assessment reporting and performance auditing, we are unable to audit Social Services' compliance for the LIHWAP federal grant program and must disclaim an opinion on compliance for the program in the Commonwealth's Single Audit report. We also believe this matter represents a material weakness in internal control over compliance because there is a reasonable possibility that material noncompliance with a compliance requirement will not be prevented, or detected and corrected, on a timely basis.
The contract between Social Services and the contractor ends on December 31, 2023. Thereafter, the contractor will transfer program records to Social Services within the subsequent months. Social Services has until June 2024 to close out the LIHWAP federal grant program and should fulfill its responsibilities for auditing the contractor’s records for compliance before it closes the LIHWAP grant with the United States Department of Health and Human Services. Therefore, Social Services should implement an audit process that provides reasonable assurance that the contractor administered the LIHWAP federal grant program in accordance with federal statutes, regulations, and the terms and conditions of the federal award before it closes the grant award. Additionally, Social Services’ Executive Team should oversee the implementation of the audit process.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-105: Implement Internal Controls over TANF Federal Performance Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-103
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Reporting - 45 CFR § 265.7(b)
Known Questioned Costs: $0
Benefit Programs does not have adequate internal controls in place to ensure accurate reporting in the Administration for Children and Families (ACF) 199 TANF Data Report (ACF-199) and 209 Separate State Programs – Maintenance-of-Effort (SSP-MOE) Data Report (ACF-209). ACF requires Social Services to submit this data to ACF quarterly, and ACF uses the data to determine whether the Commonwealth met the minimum work participation requirements for the TANF federal grant program.
Benefit Programs uses a third-party service provider to produce and submit the ACF-199 and ACF-209 reports and relies solely on the service provider’s internal controls during the data extraction and data reporting process. During our review, we identified the following instances where the service provider did not report key line information accurately based on the information maintained in Social Services’ case management system or other supporting data and Benefit Programs did not detect or correct these errors before the service provider submitted the data to ACF:
Benefit Programs did not confirm that the reported information agreed to supporting data for three out of six (50%) of the “Total Number of TANF Families” key line items tested during the audit.
Benefit Programs did not confirm that the reported information agreed to supporting data for two out of six (33%) of the “Total Number of SSP-MOE Families” key line items tested during the audit.
Benefit Programs did not accurately report on the “Receives Subsidized Child Care” key line item for 14 out of 120 (12%) cases tested during the audit.
Benefit Programs did not accurately report on the “Number of Months Countable Toward Federal Time Clock” for six out of 120 (5%) cases tested during the audit.
Benefit Programs did not accurately report on the “Unsubsidized Employment” key line item for five out of 120 (4%) cases tested during the audit.
Benefit Programs did not accurately report on the “Work Participation Status” key line item for five out of 120 (4%) cases tested during the audit.
Benefit Programs did not accurately report on the “Hours of Participation” key line item for four out of 120 (3%) cases tested during the audit.
Benefit Programs did not accurately report on the “Work Eligible Individual Indicator” key line item for one out of 120 (<1%) cases tested during the audit.
Title 45 CFR §265.7(b) requires states to have complete and accurate reports, which means that the reported data accurately reflects information available in case records, are free of computational errors, and are internally consistent. Reporting potentially inaccurate or incomplete information prevents the ACF from adequately monitoring Social Services’ work participation rates and the overall performance for the TANF federal grant program. In addition, ACF can impose a penalty if it finds Social Services did not meet statutory required work participation rates.
Since the prior audit, Benefit Programs has worked with its service provider to analyze the reporting errors to determine the cause and appropriate actions to resolve these errors. However, because of its ongoing efforts to analyze and correct the reporting errors, Benefit Programs continues to rely on the error correction controls of the ACF, performed after report submission, and has not developed and implemented its own internal controls to obtain assurance over the accuracy of the data included within the service provider’s submissions. Because of the scope of this matter and errors noted above, we consider it to be a material weakness in internal control. Additionally, we believe this matter represents material noncompliance since Social Services did not fully comply with the provisions at 45 CFR § 265.7(b).
Benefit Programs should implement internal controls over the TANF performance reporting process and include a documented secondary review process of the service provider’s data. Benefit Programs should complete this review prior to the report submission to ensure accurate reporting of TANF work participation data to ACF in accordance with the ACF-199 and ACF-209 reporting instructions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-105: Implement Internal Controls over TANF Federal Performance Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-103
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Reporting - 45 CFR § 265.7(b)
Known Questioned Costs: $0
Benefit Programs does not have adequate internal controls in place to ensure accurate reporting in the Administration for Children and Families (ACF) 199 TANF Data Report (ACF-199) and 209 Separate State Programs – Maintenance-of-Effort (SSP-MOE) Data Report (ACF-209). ACF requires Social Services to submit this data to ACF quarterly, and ACF uses the data to determine whether the Commonwealth met the minimum work participation requirements for the TANF federal grant program.
Benefit Programs uses a third-party service provider to produce and submit the ACF-199 and ACF-209 reports and relies solely on the service provider’s internal controls during the data extraction and data reporting process. During our review, we identified the following instances where the service provider did not report key line information accurately based on the information maintained in Social Services’ case management system or other supporting data and Benefit Programs did not detect or correct these errors before the service provider submitted the data to ACF:
Benefit Programs did not confirm that the reported information agreed to supporting data for three out of six (50%) of the “Total Number of TANF Families” key line items tested during the audit.
Benefit Programs did not confirm that the reported information agreed to supporting data for two out of six (33%) of the “Total Number of SSP-MOE Families” key line items tested during the audit.
Benefit Programs did not accurately report on the “Receives Subsidized Child Care” key line item for 14 out of 120 (12%) cases tested during the audit.
Benefit Programs did not accurately report on the “Number of Months Countable Toward Federal Time Clock” for six out of 120 (5%) cases tested during the audit.
Benefit Programs did not accurately report on the “Unsubsidized Employment” key line item for five out of 120 (4%) cases tested during the audit.
Benefit Programs did not accurately report on the “Work Participation Status” key line item for five out of 120 (4%) cases tested during the audit.
Benefit Programs did not accurately report on the “Hours of Participation” key line item for four out of 120 (3%) cases tested during the audit.
Benefit Programs did not accurately report on the “Work Eligible Individual Indicator” key line item for one out of 120 (<1%) cases tested during the audit.
Title 45 CFR §265.7(b) requires states to have complete and accurate reports, which means that the reported data accurately reflects information available in case records, are free of computational errors, and are internally consistent. Reporting potentially inaccurate or incomplete information prevents the ACF from adequately monitoring Social Services’ work participation rates and the overall performance for the TANF federal grant program. In addition, ACF can impose a penalty if it finds Social Services did not meet statutory required work participation rates.
Since the prior audit, Benefit Programs has worked with its service provider to analyze the reporting errors to determine the cause and appropriate actions to resolve these errors. However, because of its ongoing efforts to analyze and correct the reporting errors, Benefit Programs continues to rely on the error correction controls of the ACF, performed after report submission, and has not developed and implemented its own internal controls to obtain assurance over the accuracy of the data included within the service provider’s submissions. Because of the scope of this matter and errors noted above, we consider it to be a material weakness in internal control. Additionally, we believe this matter represents material noncompliance since Social Services did not fully comply with the provisions at 45 CFR § 265.7(b).
Benefit Programs should implement internal controls over the TANF performance reporting process and include a documented secondary review process of the service provider’s data. Benefit Programs should complete this review prior to the report submission to ensure accurate reporting of TANF work participation data to ACF in accordance with the ACF-199 and ACF-209 reporting instructions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-105: Implement Internal Controls over TANF Federal Performance Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-103
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Reporting - 45 CFR § 265.7(b)
Known Questioned Costs: $0
Benefit Programs does not have adequate internal controls in place to ensure accurate reporting in the Administration for Children and Families (ACF) 199 TANF Data Report (ACF-199) and 209 Separate State Programs – Maintenance-of-Effort (SSP-MOE) Data Report (ACF-209). ACF requires Social Services to submit this data to ACF quarterly, and ACF uses the data to determine whether the Commonwealth met the minimum work participation requirements for the TANF federal grant program.
Benefit Programs uses a third-party service provider to produce and submit the ACF-199 and ACF-209 reports and relies solely on the service provider’s internal controls during the data extraction and data reporting process. During our review, we identified the following instances where the service provider did not report key line information accurately based on the information maintained in Social Services’ case management system or other supporting data and Benefit Programs did not detect or correct these errors before the service provider submitted the data to ACF:
Benefit Programs did not confirm that the reported information agreed to supporting data for three out of six (50%) of the “Total Number of TANF Families” key line items tested during the audit.
Benefit Programs did not confirm that the reported information agreed to supporting data for two out of six (33%) of the “Total Number of SSP-MOE Families” key line items tested during the audit.
Benefit Programs did not accurately report on the “Receives Subsidized Child Care” key line item for 14 out of 120 (12%) cases tested during the audit.
Benefit Programs did not accurately report on the “Number of Months Countable Toward Federal Time Clock” for six out of 120 (5%) cases tested during the audit.
Benefit Programs did not accurately report on the “Unsubsidized Employment” key line item for five out of 120 (4%) cases tested during the audit.
Benefit Programs did not accurately report on the “Work Participation Status” key line item for five out of 120 (4%) cases tested during the audit.
Benefit Programs did not accurately report on the “Hours of Participation” key line item for four out of 120 (3%) cases tested during the audit.
Benefit Programs did not accurately report on the “Work Eligible Individual Indicator” key line item for one out of 120 (<1%) cases tested during the audit.
Title 45 CFR §265.7(b) requires states to have complete and accurate reports, which means that the reported data accurately reflects information available in case records, are free of computational errors, and are internally consistent. Reporting potentially inaccurate or incomplete information prevents the ACF from adequately monitoring Social Services’ work participation rates and the overall performance for the TANF federal grant program. In addition, ACF can impose a penalty if it finds Social Services did not meet statutory required work participation rates.
Since the prior audit, Benefit Programs has worked with its service provider to analyze the reporting errors to determine the cause and appropriate actions to resolve these errors. However, because of its ongoing efforts to analyze and correct the reporting errors, Benefit Programs continues to rely on the error correction controls of the ACF, performed after report submission, and has not developed and implemented its own internal controls to obtain assurance over the accuracy of the data included within the service provider’s submissions. Because of the scope of this matter and errors noted above, we consider it to be a material weakness in internal control. Additionally, we believe this matter represents material noncompliance since Social Services did not fully comply with the provisions at 45 CFR § 265.7(b).
Benefit Programs should implement internal controls over the TANF performance reporting process and include a documented secondary review process of the service provider’s data. Benefit Programs should complete this review prior to the report submission to ensure accurate reporting of TANF work participation data to ACF in accordance with the ACF-199 and ACF-209 reporting instructions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-106: Implement Internal Controls over TANF Federal Special Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Reporting - 2 CFR § 200.303(a); 45 CFR § 75.361
Known Questioned Costs: $0
Benefit Programs does not have adequate internal controls in place to ensure reasonably accurate reporting in the ACF Annual Report on State Maintenance-of-Effort (MOE) Programs (ACF-204) for the TANF federal grant program. ACF requires Social Services to submit this data to ACF annually and ACF uses this information in reports to Congress about how TANF programs are evolving, in assessing State and Territory MOE expenditures, and in assessing the need for legislative changes. During our review, we identified the following:
Benefit Programs could not produce evidence to support a reasonable estimate for four out of six (66%) of the “Total number of families served under the program with MOE funds” key line items.
Benefit Programs appeared to use an estimation process that did not have a sound basis for two out of six (33%) of the “Total number of families served under the program with MOE funds” key line items.
Title 2 CFR § 200.303(a) requires the non-federal entity to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award. Further, 45 CFR § 75.361 requires that financial records, supporting documents, statistical records, and all other non-federal entity records pertinent to a federal award must be retained for a period of three years from the date of submission.
The ACF-204 Reporting Instructions allow states the flexibility to use reasonable estimates with a sound basis when actual numbers are not available. However, Benefit Programs has not dedicated the resources to implement appropriate internal controls and document its estimation and retention processes to demonstrate that it uses reasonable estimates with a sound basis to support the amounts reported in the ACF-204 report. Reporting potentially inaccurate information prevents the ACF from adequately monitoring Social Services’ MOE programs and the overall performance for the TANF federal grant program. Therefore, Benefit Programs should dedicate the necessary resources to implement internal controls over the TANF special reporting process and include documented estimation and retention processes to ensure reasonably accurate reporting of TANF MOE Programs to ACF in accordance with the ACF-204 reporting instructions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-106: Implement Internal Controls over TANF Federal Special Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Reporting - 2 CFR § 200.303(a); 45 CFR § 75.361
Known Questioned Costs: $0
Benefit Programs does not have adequate internal controls in place to ensure reasonably accurate reporting in the ACF Annual Report on State Maintenance-of-Effort (MOE) Programs (ACF-204) for the TANF federal grant program. ACF requires Social Services to submit this data to ACF annually and ACF uses this information in reports to Congress about how TANF programs are evolving, in assessing State and Territory MOE expenditures, and in assessing the need for legislative changes. During our review, we identified the following:
Benefit Programs could not produce evidence to support a reasonable estimate for four out of six (66%) of the “Total number of families served under the program with MOE funds” key line items.
Benefit Programs appeared to use an estimation process that did not have a sound basis for two out of six (33%) of the “Total number of families served under the program with MOE funds” key line items.
Title 2 CFR § 200.303(a) requires the non-federal entity to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award. Further, 45 CFR § 75.361 requires that financial records, supporting documents, statistical records, and all other non-federal entity records pertinent to a federal award must be retained for a period of three years from the date of submission.
The ACF-204 Reporting Instructions allow states the flexibility to use reasonable estimates with a sound basis when actual numbers are not available. However, Benefit Programs has not dedicated the resources to implement appropriate internal controls and document its estimation and retention processes to demonstrate that it uses reasonable estimates with a sound basis to support the amounts reported in the ACF-204 report. Reporting potentially inaccurate information prevents the ACF from adequately monitoring Social Services’ MOE programs and the overall performance for the TANF federal grant program. Therefore, Benefit Programs should dedicate the necessary resources to implement internal controls over the TANF special reporting process and include documented estimation and retention processes to ensure reasonably accurate reporting of TANF MOE Programs to ACF in accordance with the ACF-204 reporting instructions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-106: Implement Internal Controls over TANF Federal Special Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Reporting - 2 CFR § 200.303(a); 45 CFR § 75.361
Known Questioned Costs: $0
Benefit Programs does not have adequate internal controls in place to ensure reasonably accurate reporting in the ACF Annual Report on State Maintenance-of-Effort (MOE) Programs (ACF-204) for the TANF federal grant program. ACF requires Social Services to submit this data to ACF annually and ACF uses this information in reports to Congress about how TANF programs are evolving, in assessing State and Territory MOE expenditures, and in assessing the need for legislative changes. During our review, we identified the following:
Benefit Programs could not produce evidence to support a reasonable estimate for four out of six (66%) of the “Total number of families served under the program with MOE funds” key line items.
Benefit Programs appeared to use an estimation process that did not have a sound basis for two out of six (33%) of the “Total number of families served under the program with MOE funds” key line items.
Title 2 CFR § 200.303(a) requires the non-federal entity to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award. Further, 45 CFR § 75.361 requires that financial records, supporting documents, statistical records, and all other non-federal entity records pertinent to a federal award must be retained for a period of three years from the date of submission.
The ACF-204 Reporting Instructions allow states the flexibility to use reasonable estimates with a sound basis when actual numbers are not available. However, Benefit Programs has not dedicated the resources to implement appropriate internal controls and document its estimation and retention processes to demonstrate that it uses reasonable estimates with a sound basis to support the amounts reported in the ACF-204 report. Reporting potentially inaccurate information prevents the ACF from adequately monitoring Social Services’ MOE programs and the overall performance for the TANF federal grant program. Therefore, Benefit Programs should dedicate the necessary resources to implement internal controls over the TANF special reporting process and include documented estimation and retention processes to ensure reasonably accurate reporting of TANF MOE Programs to ACF in accordance with the ACF-204 reporting instructions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-107: Strengthen Internal Controls over FFATA Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-106
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Reporting - 2 CFR Part 170 Appendix A
Known Questioned Costs: $0
Finance does not maintain adequate internal control over Federal Funding Accountability and Transparency Act (FFATA) reporting. FFATA reporting is intended to provide full disclosure of how entities and organizations are obligating federal funding. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards. During our audit of the TANF, Refugee and Entrant Assistance State/Replacement Designee Administered Programs (Refugee Assistance), and Victims of Crime Act (VOCA) federal grant programs, we noted the following deviations from Finance’s policy:
Finance did not complete FFATA reporting submissions for 106 of 205 (52%) of the grant year 2023 TANF subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $7.9 million from these subawards during the fiscal year. Finance did not report TANF subawards to FFATA Subaward Reporting System (FSRS) because program personnel did not submit the required information to Finance to report in FSRS.
Finance did not complete FFATA reporting submissions for three of 17 (18%) of the grant year 2023 Refugee Assistance subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $126,000 from these subawards during the fiscal year. Finance did not report Refugee Assistance subawards to FSRS for these three subawards because the initial subaward amount was less than $30,000 and program personnel did not inform Finance that subsequent subaward modifications increased the subaward value to over $30,000.
Finance did not complete FFATA reporting submissions for grant year 2023 VOCA subawards during fiscal year 2023. Social Services disbursed approximately $3.5 million from 129 subawards during the fiscal year. Social Services did not report this information to FSRS because it inadvertently assumed that it was a subrecipient of the Department of Criminal Justice Services and did not need to complete FFATA reporting as required by the VOCA Grant Special Conditions document.
Title 2 CFR Part 170 Appendix A requires the non-federal entity to report each obligating action exceeding $30,000 to the FSRS. Further, Title 2 CFR Part 170 Appendix A requires the non-federal entity to submit subaward information no later than the end of the month following the month in which it made the obligation. Finally, 2 CFR §200.303(a) states that the non-federal entity must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
The decentralized nature of Social Services’ grants management practices and the volume of subawards elevates the risk that Finance will not report all subaward information to FSRS. Although Finance sent periodic email reminders to program staff responsible for submitting FFATA data to Finance for submission to FSRS, program personnel overlooked a significant percentage of these submissions because of turnover and a lack of familiarity with FFATA reporting requirements. Additionally, Finance did not have a compensating internal control in place to detect subawards that it did not report to FSRS.
When Social Services does not upload all obligating actions meeting the reporting threshold to FSRS as required, a citizen or federal official may have a distorted view as to how Social Services is obligating federal funds. Therefore, Finance should continue to remind program personnel to submit required FFATA subaward reporting information to them and revise its policy to reflect any changes in its processes. Additionally, Finance should consider periodically checking Social Services’ financial records to determine if there are instances where program personnel are not submitting the required FFATA subaward reporting information. If so, Finance should collect this information from them promptly to comply with the FFATA reporting requirements.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-107: Strengthen Internal Controls over FFATA Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-106
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Reporting - 2 CFR Part 170 Appendix A
Known Questioned Costs: $0
Finance does not maintain adequate internal control over Federal Funding Accountability and Transparency Act (FFATA) reporting. FFATA reporting is intended to provide full disclosure of how entities and organizations are obligating federal funding. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards. During our audit of the TANF, Refugee and Entrant Assistance State/Replacement Designee Administered Programs (Refugee Assistance), and Victims of Crime Act (VOCA) federal grant programs, we noted the following deviations from Finance’s policy:
Finance did not complete FFATA reporting submissions for 106 of 205 (52%) of the grant year 2023 TANF subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $7.9 million from these subawards during the fiscal year. Finance did not report TANF subawards to FFATA Subaward Reporting System (FSRS) because program personnel did not submit the required information to Finance to report in FSRS.
Finance did not complete FFATA reporting submissions for three of 17 (18%) of the grant year 2023 Refugee Assistance subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $126,000 from these subawards during the fiscal year. Finance did not report Refugee Assistance subawards to FSRS for these three subawards because the initial subaward amount was less than $30,000 and program personnel did not inform Finance that subsequent subaward modifications increased the subaward value to over $30,000.
Finance did not complete FFATA reporting submissions for grant year 2023 VOCA subawards during fiscal year 2023. Social Services disbursed approximately $3.5 million from 129 subawards during the fiscal year. Social Services did not report this information to FSRS because it inadvertently assumed that it was a subrecipient of the Department of Criminal Justice Services and did not need to complete FFATA reporting as required by the VOCA Grant Special Conditions document.
Title 2 CFR Part 170 Appendix A requires the non-federal entity to report each obligating action exceeding $30,000 to the FSRS. Further, Title 2 CFR Part 170 Appendix A requires the non-federal entity to submit subaward information no later than the end of the month following the month in which it made the obligation. Finally, 2 CFR §200.303(a) states that the non-federal entity must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
The decentralized nature of Social Services’ grants management practices and the volume of subawards elevates the risk that Finance will not report all subaward information to FSRS. Although Finance sent periodic email reminders to program staff responsible for submitting FFATA data to Finance for submission to FSRS, program personnel overlooked a significant percentage of these submissions because of turnover and a lack of familiarity with FFATA reporting requirements. Additionally, Finance did not have a compensating internal control in place to detect subawards that it did not report to FSRS.
When Social Services does not upload all obligating actions meeting the reporting threshold to FSRS as required, a citizen or federal official may have a distorted view as to how Social Services is obligating federal funds. Therefore, Finance should continue to remind program personnel to submit required FFATA subaward reporting information to them and revise its policy to reflect any changes in its processes. Additionally, Finance should consider periodically checking Social Services’ financial records to determine if there are instances where program personnel are not submitting the required FFATA subaward reporting information. If so, Finance should collect this information from them promptly to comply with the FFATA reporting requirements.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-107: Strengthen Internal Controls over FFATA Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-106
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Reporting - 2 CFR Part 170 Appendix A
Known Questioned Costs: $0
Finance does not maintain adequate internal control over Federal Funding Accountability and Transparency Act (FFATA) reporting. FFATA reporting is intended to provide full disclosure of how entities and organizations are obligating federal funding. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards. During our audit of the TANF, Refugee and Entrant Assistance State/Replacement Designee Administered Programs (Refugee Assistance), and Victims of Crime Act (VOCA) federal grant programs, we noted the following deviations from Finance’s policy:
Finance did not complete FFATA reporting submissions for 106 of 205 (52%) of the grant year 2023 TANF subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $7.9 million from these subawards during the fiscal year. Finance did not report TANF subawards to FFATA Subaward Reporting System (FSRS) because program personnel did not submit the required information to Finance to report in FSRS.
Finance did not complete FFATA reporting submissions for three of 17 (18%) of the grant year 2023 Refugee Assistance subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $126,000 from these subawards during the fiscal year. Finance did not report Refugee Assistance subawards to FSRS for these three subawards because the initial subaward amount was less than $30,000 and program personnel did not inform Finance that subsequent subaward modifications increased the subaward value to over $30,000.
Finance did not complete FFATA reporting submissions for grant year 2023 VOCA subawards during fiscal year 2023. Social Services disbursed approximately $3.5 million from 129 subawards during the fiscal year. Social Services did not report this information to FSRS because it inadvertently assumed that it was a subrecipient of the Department of Criminal Justice Services and did not need to complete FFATA reporting as required by the VOCA Grant Special Conditions document.
Title 2 CFR Part 170 Appendix A requires the non-federal entity to report each obligating action exceeding $30,000 to the FSRS. Further, Title 2 CFR Part 170 Appendix A requires the non-federal entity to submit subaward information no later than the end of the month following the month in which it made the obligation. Finally, 2 CFR §200.303(a) states that the non-federal entity must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
The decentralized nature of Social Services’ grants management practices and the volume of subawards elevates the risk that Finance will not report all subaward information to FSRS. Although Finance sent periodic email reminders to program staff responsible for submitting FFATA data to Finance for submission to FSRS, program personnel overlooked a significant percentage of these submissions because of turnover and a lack of familiarity with FFATA reporting requirements. Additionally, Finance did not have a compensating internal control in place to detect subawards that it did not report to FSRS.
When Social Services does not upload all obligating actions meeting the reporting threshold to FSRS as required, a citizen or federal official may have a distorted view as to how Social Services is obligating federal funds. Therefore, Finance should continue to remind program personnel to submit required FFATA subaward reporting information to them and revise its policy to reflect any changes in its processes. Additionally, Finance should consider periodically checking Social Services’ financial records to determine if there are instances where program personnel are not submitting the required FFATA subaward reporting information. If so, Finance should collect this information from them promptly to comply with the FFATA reporting requirements.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-107: Strengthen Internal Controls over FFATA Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-106
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Reporting - 2 CFR Part 170 Appendix A
Known Questioned Costs: $0
Finance does not maintain adequate internal control over Federal Funding Accountability and Transparency Act (FFATA) reporting. FFATA reporting is intended to provide full disclosure of how entities and organizations are obligating federal funding. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards. During our audit of the TANF, Refugee and Entrant Assistance State/Replacement Designee Administered Programs (Refugee Assistance), and Victims of Crime Act (VOCA) federal grant programs, we noted the following deviations from Finance’s policy:
Finance did not complete FFATA reporting submissions for 106 of 205 (52%) of the grant year 2023 TANF subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $7.9 million from these subawards during the fiscal year. Finance did not report TANF subawards to FFATA Subaward Reporting System (FSRS) because program personnel did not submit the required information to Finance to report in FSRS.
Finance did not complete FFATA reporting submissions for three of 17 (18%) of the grant year 2023 Refugee Assistance subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $126,000 from these subawards during the fiscal year. Finance did not report Refugee Assistance subawards to FSRS for these three subawards because the initial subaward amount was less than $30,000 and program personnel did not inform Finance that subsequent subaward modifications increased the subaward value to over $30,000.
Finance did not complete FFATA reporting submissions for grant year 2023 VOCA subawards during fiscal year 2023. Social Services disbursed approximately $3.5 million from 129 subawards during the fiscal year. Social Services did not report this information to FSRS because it inadvertently assumed that it was a subrecipient of the Department of Criminal Justice Services and did not need to complete FFATA reporting as required by the VOCA Grant Special Conditions document.
Title 2 CFR Part 170 Appendix A requires the non-federal entity to report each obligating action exceeding $30,000 to the FSRS. Further, Title 2 CFR Part 170 Appendix A requires the non-federal entity to submit subaward information no later than the end of the month following the month in which it made the obligation. Finally, 2 CFR §200.303(a) states that the non-federal entity must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
The decentralized nature of Social Services’ grants management practices and the volume of subawards elevates the risk that Finance will not report all subaward information to FSRS. Although Finance sent periodic email reminders to program staff responsible for submitting FFATA data to Finance for submission to FSRS, program personnel overlooked a significant percentage of these submissions because of turnover and a lack of familiarity with FFATA reporting requirements. Additionally, Finance did not have a compensating internal control in place to detect subawards that it did not report to FSRS.
When Social Services does not upload all obligating actions meeting the reporting threshold to FSRS as required, a citizen or federal official may have a distorted view as to how Social Services is obligating federal funds. Therefore, Finance should continue to remind program personnel to submit required FFATA subaward reporting information to them and revise its policy to reflect any changes in its processes. Additionally, Finance should consider periodically checking Social Services’ financial records to determine if there are instances where program personnel are not submitting the required FFATA subaward reporting information. If so, Finance should collect this information from them promptly to comply with the FFATA reporting requirements.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-107: Strengthen Internal Controls over FFATA Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-106
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Reporting - 2 CFR Part 170 Appendix A
Known Questioned Costs: $0
Finance does not maintain adequate internal control over Federal Funding Accountability and Transparency Act (FFATA) reporting. FFATA reporting is intended to provide full disclosure of how entities and organizations are obligating federal funding. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards. During our audit of the TANF, Refugee and Entrant Assistance State/Replacement Designee Administered Programs (Refugee Assistance), and Victims of Crime Act (VOCA) federal grant programs, we noted the following deviations from Finance’s policy:
Finance did not complete FFATA reporting submissions for 106 of 205 (52%) of the grant year 2023 TANF subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $7.9 million from these subawards during the fiscal year. Finance did not report TANF subawards to FFATA Subaward Reporting System (FSRS) because program personnel did not submit the required information to Finance to report in FSRS.
Finance did not complete FFATA reporting submissions for three of 17 (18%) of the grant year 2023 Refugee Assistance subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $126,000 from these subawards during the fiscal year. Finance did not report Refugee Assistance subawards to FSRS for these three subawards because the initial subaward amount was less than $30,000 and program personnel did not inform Finance that subsequent subaward modifications increased the subaward value to over $30,000.
Finance did not complete FFATA reporting submissions for grant year 2023 VOCA subawards during fiscal year 2023. Social Services disbursed approximately $3.5 million from 129 subawards during the fiscal year. Social Services did not report this information to FSRS because it inadvertently assumed that it was a subrecipient of the Department of Criminal Justice Services and did not need to complete FFATA reporting as required by the VOCA Grant Special Conditions document.
Title 2 CFR Part 170 Appendix A requires the non-federal entity to report each obligating action exceeding $30,000 to the FSRS. Further, Title 2 CFR Part 170 Appendix A requires the non-federal entity to submit subaward information no later than the end of the month following the month in which it made the obligation. Finally, 2 CFR §200.303(a) states that the non-federal entity must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
The decentralized nature of Social Services’ grants management practices and the volume of subawards elevates the risk that Finance will not report all subaward information to FSRS. Although Finance sent periodic email reminders to program staff responsible for submitting FFATA data to Finance for submission to FSRS, program personnel overlooked a significant percentage of these submissions because of turnover and a lack of familiarity with FFATA reporting requirements. Additionally, Finance did not have a compensating internal control in place to detect subawards that it did not report to FSRS.
When Social Services does not upload all obligating actions meeting the reporting threshold to FSRS as required, a citizen or federal official may have a distorted view as to how Social Services is obligating federal funds. Therefore, Finance should continue to remind program personnel to submit required FFATA subaward reporting information to them and revise its policy to reflect any changes in its processes. Additionally, Finance should consider periodically checking Social Services’ financial records to determine if there are instances where program personnel are not submitting the required FFATA subaward reporting information. If so, Finance should collect this information from them promptly to comply with the FFATA reporting requirements.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-107: Strengthen Internal Controls over FFATA Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-106
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Reporting - 2 CFR Part 170 Appendix A
Known Questioned Costs: $0
Finance does not maintain adequate internal control over Federal Funding Accountability and Transparency Act (FFATA) reporting. FFATA reporting is intended to provide full disclosure of how entities and organizations are obligating federal funding. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards. During our audit of the TANF, Refugee and Entrant Assistance State/Replacement Designee Administered Programs (Refugee Assistance), and Victims of Crime Act (VOCA) federal grant programs, we noted the following deviations from Finance’s policy:
Finance did not complete FFATA reporting submissions for 106 of 205 (52%) of the grant year 2023 TANF subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $7.9 million from these subawards during the fiscal year. Finance did not report TANF subawards to FFATA Subaward Reporting System (FSRS) because program personnel did not submit the required information to Finance to report in FSRS.
Finance did not complete FFATA reporting submissions for three of 17 (18%) of the grant year 2023 Refugee Assistance subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $126,000 from these subawards during the fiscal year. Finance did not report Refugee Assistance subawards to FSRS for these three subawards because the initial subaward amount was less than $30,000 and program personnel did not inform Finance that subsequent subaward modifications increased the subaward value to over $30,000.
Finance did not complete FFATA reporting submissions for grant year 2023 VOCA subawards during fiscal year 2023. Social Services disbursed approximately $3.5 million from 129 subawards during the fiscal year. Social Services did not report this information to FSRS because it inadvertently assumed that it was a subrecipient of the Department of Criminal Justice Services and did not need to complete FFATA reporting as required by the VOCA Grant Special Conditions document.
Title 2 CFR Part 170 Appendix A requires the non-federal entity to report each obligating action exceeding $30,000 to the FSRS. Further, Title 2 CFR Part 170 Appendix A requires the non-federal entity to submit subaward information no later than the end of the month following the month in which it made the obligation. Finally, 2 CFR §200.303(a) states that the non-federal entity must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
The decentralized nature of Social Services’ grants management practices and the volume of subawards elevates the risk that Finance will not report all subaward information to FSRS. Although Finance sent periodic email reminders to program staff responsible for submitting FFATA data to Finance for submission to FSRS, program personnel overlooked a significant percentage of these submissions because of turnover and a lack of familiarity with FFATA reporting requirements. Additionally, Finance did not have a compensating internal control in place to detect subawards that it did not report to FSRS.
When Social Services does not upload all obligating actions meeting the reporting threshold to FSRS as required, a citizen or federal official may have a distorted view as to how Social Services is obligating federal funds. Therefore, Finance should continue to remind program personnel to submit required FFATA subaward reporting information to them and revise its policy to reflect any changes in its processes. Additionally, Finance should consider periodically checking Social Services’ financial records to determine if there are instances where program personnel are not submitting the required FFATA subaward reporting information. If so, Finance should collect this information from them promptly to comply with the FFATA reporting requirements.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-108: Confirm Subrecipient Suspension or Debarment Status
Applicable to: Department of Criminal Justice Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575
Federal Award Number and Year: 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI - 2019; 2020; 2021
Name of Federal Agency: U.S. Department of Justice
Type of Compliance Requirement - Criteria: Procurement and Suspension and Debarment - 2 CFR Part 180
Known Questioned Costs: $0
The Office of Grants Management (Grants Management) could not confirm that 14 (58%) Victim of Crime Act grant subrecipients tested certified their suspension or debarment status prior to awarding the subrecipient funds. Title 2 U.S. Code of Federal Regulations (CFR) part 180 restricts awards, subawards, and contracts with certain parties that are debarred, suspended, or otherwise excluded from or ineligible for participation in federal assistance programs or activities.
While management was aware of the requirement, program staff inadvertently omitted the suspension and debarment certification form from the subrecipient’s application documents. Grants Management places Criminal Justice Services at risk of providing federal funds to subrecipients who are ineligible for participating in federal assistance programs. Grants Management should ensure it confirms a subrecipient’s suspension or debarment status prior to awarding grant funds.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-108: Confirm Subrecipient Suspension or Debarment Status
Applicable to: Department of Criminal Justice Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575
Federal Award Number and Year: 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI - 2019; 2020; 2021
Name of Federal Agency: U.S. Department of Justice
Type of Compliance Requirement - Criteria: Procurement and Suspension and Debarment - 2 CFR Part 180
Known Questioned Costs: $0
The Office of Grants Management (Grants Management) could not confirm that 14 (58%) Victim of Crime Act grant subrecipients tested certified their suspension or debarment status prior to awarding the subrecipient funds. Title 2 U.S. Code of Federal Regulations (CFR) part 180 restricts awards, subawards, and contracts with certain parties that are debarred, suspended, or otherwise excluded from or ineligible for participation in federal assistance programs or activities.
While management was aware of the requirement, program staff inadvertently omitted the suspension and debarment certification form from the subrecipient’s application documents. Grants Management places Criminal Justice Services at risk of providing federal funds to subrecipients who are ineligible for participating in federal assistance programs. Grants Management should ensure it confirms a subrecipient’s suspension or debarment status prior to awarding grant funds.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-109: Ensure Compliance with FFATA Reporting Requirements
Applicable to: Department of Criminal Justice Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575
Federal Award Number and Year: 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI - 2019; 2020; 2021
Name of Federal Agency: U.S. Department of Justice
Type of Compliance Requirement - Criteria: Reporting - 2 CFR Part 170 Appendix A
Known Questioned Costs: $0
Grants Management did not accurately and timely complete Federal Funding Accountability and Transparency Act (FFATA) reporting for the Victim of Crime Act grant. A review of 24 subrecipients’ FFATA reports identified:
An incorrect subaward amount for one subrecipient;
Missing FFATA report submission dates for nine subrecipients;
Incorrect subaward obligation/action dates for eleven subrecipients;
No FFATA report submission for one subrecipient; and
Untimely FFATA report submissions for ten subrecipients.
Title 2 CFR Part 170 Appendix A requires the non-federal entity to report each obligating action, exceeding $30,000, to the FFATA Subaward Reporting System (FSRS). During state fiscal year 2023, Criminal Justice Services disbursed approximately $46 million in Victim of Crime Act grant funds to subrecipients. Failure to submit FFATA reports, or including errors in reports, may result in a citizen or federal official having a distorted view of how Criminal Justice Services obligates Victim of Crime Act grant funds. Grants Management staff lack the necessary training to ensure that FFATA reporting requirements were met. Grants Management should properly train staff on FFATA reporting requirements to ensure that its subrecipients’ information is properly reported.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-109: Ensure Compliance with FFATA Reporting Requirements
Applicable to: Department of Criminal Justice Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575
Federal Award Number and Year: 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI - 2019; 2020; 2021
Name of Federal Agency: U.S. Department of Justice
Type of Compliance Requirement - Criteria: Reporting - 2 CFR Part 170 Appendix A
Known Questioned Costs: $0
Grants Management did not accurately and timely complete Federal Funding Accountability and Transparency Act (FFATA) reporting for the Victim of Crime Act grant. A review of 24 subrecipients’ FFATA reports identified:
An incorrect subaward amount for one subrecipient;
Missing FFATA report submission dates for nine subrecipients;
Incorrect subaward obligation/action dates for eleven subrecipients;
No FFATA report submission for one subrecipient; and
Untimely FFATA report submissions for ten subrecipients.
Title 2 CFR Part 170 Appendix A requires the non-federal entity to report each obligating action, exceeding $30,000, to the FFATA Subaward Reporting System (FSRS). During state fiscal year 2023, Criminal Justice Services disbursed approximately $46 million in Victim of Crime Act grant funds to subrecipients. Failure to submit FFATA reports, or including errors in reports, may result in a citizen or federal official having a distorted view of how Criminal Justice Services obligates Victim of Crime Act grant funds. Grants Management staff lack the necessary training to ensure that FFATA reporting requirements were met. Grants Management should properly train staff on FFATA reporting requirements to ensure that its subrecipients’ information is properly reported.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-010: Improve Information Security Program and Controls
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: 2022-024; 2021-024; 2020-024
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: Access Control; Awareness and Training; Incident Response; Information Security Roles and Responsibilities; Planning; Risk Assessment; Security Assessment and Authorization; System and Services Acquisition
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services continues to address weaknesses in its IT general controls originally identified in a 2020 audit and confirmed in a 2023 audit covering the same IT general controls conducted by Medical Assistance Services’ Internal Audit division. The 2020 audit tested 100 controls required by the Security Standard and identified 71 individual control weaknesses grouped into ten findings. Internal Audit conducted an audit in 2023 of 105 controls based on the current Security Standard requirements and identified 61 individual control weaknesses, a 58 percent noncompliance rate. Medical Assistance Services addressed one finding in fiscal year 2022 and an additional two findings during fiscal year 2023, which Internal Audit’s review confirmed. However, Internal Audit issued one new finding to Medical Assistance Services in addition to the seven repeat findings, covering the following control areas:
IT Security Governance
Access Management
System Security Plans
IT Security Policies and Procedures
Incident Response
Penetration Testing and Vulnerability Assessments
Third Party Vendor Management
Security Awareness and Training (new)
Noncompliance with the required security controls increases the risk for unauthorized access to mission-critical systems and data in addition to weakening the agency’s ability to respond to malicious attacks to its IT environment. Medical Assistance Services has experienced delays in addressing these findings due to ongoing staffing shortages, as well as lingering effects from organizational changes that affected some of its processes. Medical Assistance Services updated its corrective action plan for the seven repeat findings in June 2023, stating corrective actions are still ongoing with an estimated completion date of September 2023.
Medical Assistance Services should prioritize and dedicate the necessary resources to ensure timely completion of its corrective action plans and to become compliant with the Security Standard. These actions will help maintain the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-010: Improve Information Security Program and Controls
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: 2022-024; 2021-024; 2020-024
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: Access Control; Awareness and Training; Incident Response; Information Security Roles and Responsibilities; Planning; Risk Assessment; Security Assessment and Authorization; System and Services Acquisition
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services continues to address weaknesses in its IT general controls originally identified in a 2020 audit and confirmed in a 2023 audit covering the same IT general controls conducted by Medical Assistance Services’ Internal Audit division. The 2020 audit tested 100 controls required by the Security Standard and identified 71 individual control weaknesses grouped into ten findings. Internal Audit conducted an audit in 2023 of 105 controls based on the current Security Standard requirements and identified 61 individual control weaknesses, a 58 percent noncompliance rate. Medical Assistance Services addressed one finding in fiscal year 2022 and an additional two findings during fiscal year 2023, which Internal Audit’s review confirmed. However, Internal Audit issued one new finding to Medical Assistance Services in addition to the seven repeat findings, covering the following control areas:
IT Security Governance
Access Management
System Security Plans
IT Security Policies and Procedures
Incident Response
Penetration Testing and Vulnerability Assessments
Third Party Vendor Management
Security Awareness and Training (new)
Noncompliance with the required security controls increases the risk for unauthorized access to mission-critical systems and data in addition to weakening the agency’s ability to respond to malicious attacks to its IT environment. Medical Assistance Services has experienced delays in addressing these findings due to ongoing staffing shortages, as well as lingering effects from organizational changes that affected some of its processes. Medical Assistance Services updated its corrective action plan for the seven repeat findings in June 2023, stating corrective actions are still ongoing with an estimated completion date of September 2023.
Medical Assistance Services should prioritize and dedicate the necessary resources to ensure timely completion of its corrective action plans and to become compliant with the Security Standard. These actions will help maintain the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-010: Improve Information Security Program and Controls
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: 2022-024; 2021-024; 2020-024
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: Access Control; Awareness and Training; Incident Response; Information Security Roles and Responsibilities; Planning; Risk Assessment; Security Assessment and Authorization; System and Services Acquisition
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services continues to address weaknesses in its IT general controls originally identified in a 2020 audit and confirmed in a 2023 audit covering the same IT general controls conducted by Medical Assistance Services’ Internal Audit division. The 2020 audit tested 100 controls required by the Security Standard and identified 71 individual control weaknesses grouped into ten findings. Internal Audit conducted an audit in 2023 of 105 controls based on the current Security Standard requirements and identified 61 individual control weaknesses, a 58 percent noncompliance rate. Medical Assistance Services addressed one finding in fiscal year 2022 and an additional two findings during fiscal year 2023, which Internal Audit’s review confirmed. However, Internal Audit issued one new finding to Medical Assistance Services in addition to the seven repeat findings, covering the following control areas:
IT Security Governance
Access Management
System Security Plans
IT Security Policies and Procedures
Incident Response
Penetration Testing and Vulnerability Assessments
Third Party Vendor Management
Security Awareness and Training (new)
Noncompliance with the required security controls increases the risk for unauthorized access to mission-critical systems and data in addition to weakening the agency’s ability to respond to malicious attacks to its IT environment. Medical Assistance Services has experienced delays in addressing these findings due to ongoing staffing shortages, as well as lingering effects from organizational changes that affected some of its processes. Medical Assistance Services updated its corrective action plan for the seven repeat findings in June 2023, stating corrective actions are still ongoing with an estimated completion date of September 2023.
Medical Assistance Services should prioritize and dedicate the necessary resources to ensure timely completion of its corrective action plans and to become compliant with the Security Standard. These actions will help maintain the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-014: Continue Improving IT Risk Management Program
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-030; 2021-026; 2020-027; 2019-063; 2018-025
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to not have a formal and effective IT risk management program that aligns with the requirements in the Security Standard. As a result, Social Services does not complete various IT risk management documentation nor maintain an accurate list of sensitive systems. IT risk management documentation identifies the types of data stored and processed within its environment, the sensitivity classification of that data, potential risks and threats to the systems, and risk mitigating controls that Social Services should implement.
Since we first issued this finding in 2018, Social Services has made progress to remediate the issues identified. However, Social Services continues to not comply with the following Security Standard requirements:
Social Services does not verify and validate the data and system sensitivity ratings of its systems to ensure proper IT system sensitivity ratings. Social Services’ systems list includes 89 systems. Social Services classifies 77 of the 89 systems (87%) as sensitive systems based on the sensitive data handled by each system. Social Services classifies four of the 89 systems (4%) as nonsensitive systems. Social Services does not rate eight of the 89 systems (9%). However, five of the eight unrated systems transmit, process, or store sensitive data sets or support critical business processes and therefore, Social Services should consider these to be sensitive systems. The remaining three of the eight unrated systems do not transmit, process, or store sensitive data sets or support critical business processes and therefore, Social Services should consider these nonsensitive systems. The Security Standard defines sensitive systems as systems that transmit, process, or store sensitive data sets or support sensitive business processes. Without a process to maintain an updated sensitive systems list and verify and validate IT system and data sensitivity, Social Services increases the risk of not properly defining all sensitive systems within its IT environment. Failure to identify sensitive systems increases the likelihood of Social Services inadequately addressing risks, vulnerabilities, and remediation techniques necessary to protect sensitive IT systems and data. (Security Standard, Section 4.2.6 IT System and Data Sensitivity Classification)
Social Services does not create or annually review risk assessments and system security plans (SSP) for every sensitive system. Social Services’ systems list indicates 77 systems classified as sensitive systems, and the systems list includes five additional systems without a sensitivity classification that process and store sensitive data and therefore should be classified as sensitive systems. Several of these systems have no or only partial risk assessment and SSP documentation. Specifically:
Risk assessment documentation does not exist for 64 (78%) systems.
Annual review documentation does not exist for 82 (100%) of the existing risk assessments.
SSP documentation does not exist for 45 (55%) systems.
Annual review documentation does not exist for 82 (100%) of the existing SSPs.
The Security Standard requires the agency to conduct and document a risk assessment for each IT system classified as a sensitive system at least once every three years. The Security Standard also requires the agency to develop and distribute to appropriate organization-defined personnel a security plan for the information system. Without completing risk assessments and SSPs for all sensitive systems, Social Services may not appropriately secure its systems against known vulnerabilities that can affect the confidentiality, integrity, and availability of sensitive and mission-critical data. (Security Standard, Sections 6.2 Risk Assessment Requirements, RA-3 Risk Assessment and PL-2 System Security Plan).
The Security Standard requires Social Services to review and update completed risk assessments annually or when changes occur that may impact the security state of the system, and to review and update each SSP on an annual basis or more frequently to address environmental changes. Without conducting an annual review and update of the risk assessment and SSP for each IT system classified as sensitive, Social Services may not adequately secure its sensitive systems against new vulnerabilities that can affect data confidentiality, integrity, and availability. (Security Standard, Sections RA-3 Risk Assessment and PL-2 System Security Plan)
Social Services does not implement corrective actions to mitigate risks in its sensitive systems’ risk assessments. The Security Standard requires Social Services to prepare a report of each risk assessment that includes major findings and risk mitigation efforts (Security Standard, Section 6.2.3 Risk Assessment). While Social Services documents a list of risk remediation plans and a schedule within its risk assessments, Social Services does not have a process to establish effective corrective action plans to mitigate findings identified during the risk assessments. Without properly establishing and implementing corrective actions, Social Services opens its systems to possible risks and vulnerabilities that could compromise the agency’s sensitive information.
Without documenting risk management information for all its sensitive systems and reviewing the documentation at least annually, Social Services may not consistently and effectively manage its IT risk management program. An effective IT risk management program is essential to help protect IT systems and data from potential risks. Specifically, Social Services cannot prioritize information security controls to implement or determine if proper information security controls are in place. Ineffective security controls could lead to a breach of data or unauthorized access to sensitive and confidential data.
Social Services’ Information Security Risk Management (ISRM) oversees the risk management program on behalf of business owners and hired an IT Risk Manager in 2020. ISRM has prioritized completing risk assessments and SSPs for new systems; however, due to the magnitude of the project, ISRM has not yet completed the project. Additionally, the risk assessment requirements documented in the risk assessment policy and the risk assessment process documented in the risk assessment procedure do not align, which contributed to Social Services not consistently completing risk management documentation due to conflicting roles and responsibilities.
Social Services should develop a plan and prioritize resources to complete risk management documentation for its sensitive systems and review those documents annually to validate that the information reflects the current environment. Additionally, Social Services should implement security controls to mitigate the risks and vulnerabilities identified in its risk assessments. Improving the IT risk management program will help to ensure the confidentiality, integrity, and availability of the agency’s sensitive systems and mission essential functions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-014: Continue Improving IT Risk Management Program
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-030; 2021-026; 2020-027; 2019-063; 2018-025
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to not have a formal and effective IT risk management program that aligns with the requirements in the Security Standard. As a result, Social Services does not complete various IT risk management documentation nor maintain an accurate list of sensitive systems. IT risk management documentation identifies the types of data stored and processed within its environment, the sensitivity classification of that data, potential risks and threats to the systems, and risk mitigating controls that Social Services should implement.
Since we first issued this finding in 2018, Social Services has made progress to remediate the issues identified. However, Social Services continues to not comply with the following Security Standard requirements:
Social Services does not verify and validate the data and system sensitivity ratings of its systems to ensure proper IT system sensitivity ratings. Social Services’ systems list includes 89 systems. Social Services classifies 77 of the 89 systems (87%) as sensitive systems based on the sensitive data handled by each system. Social Services classifies four of the 89 systems (4%) as nonsensitive systems. Social Services does not rate eight of the 89 systems (9%). However, five of the eight unrated systems transmit, process, or store sensitive data sets or support critical business processes and therefore, Social Services should consider these to be sensitive systems. The remaining three of the eight unrated systems do not transmit, process, or store sensitive data sets or support critical business processes and therefore, Social Services should consider these nonsensitive systems. The Security Standard defines sensitive systems as systems that transmit, process, or store sensitive data sets or support sensitive business processes. Without a process to maintain an updated sensitive systems list and verify and validate IT system and data sensitivity, Social Services increases the risk of not properly defining all sensitive systems within its IT environment. Failure to identify sensitive systems increases the likelihood of Social Services inadequately addressing risks, vulnerabilities, and remediation techniques necessary to protect sensitive IT systems and data. (Security Standard, Section 4.2.6 IT System and Data Sensitivity Classification)
Social Services does not create or annually review risk assessments and system security plans (SSP) for every sensitive system. Social Services’ systems list indicates 77 systems classified as sensitive systems, and the systems list includes five additional systems without a sensitivity classification that process and store sensitive data and therefore should be classified as sensitive systems. Several of these systems have no or only partial risk assessment and SSP documentation. Specifically:
Risk assessment documentation does not exist for 64 (78%) systems.
Annual review documentation does not exist for 82 (100%) of the existing risk assessments.
SSP documentation does not exist for 45 (55%) systems.
Annual review documentation does not exist for 82 (100%) of the existing SSPs.
The Security Standard requires the agency to conduct and document a risk assessment for each IT system classified as a sensitive system at least once every three years. The Security Standard also requires the agency to develop and distribute to appropriate organization-defined personnel a security plan for the information system. Without completing risk assessments and SSPs for all sensitive systems, Social Services may not appropriately secure its systems against known vulnerabilities that can affect the confidentiality, integrity, and availability of sensitive and mission-critical data. (Security Standard, Sections 6.2 Risk Assessment Requirements, RA-3 Risk Assessment and PL-2 System Security Plan).
The Security Standard requires Social Services to review and update completed risk assessments annually or when changes occur that may impact the security state of the system, and to review and update each SSP on an annual basis or more frequently to address environmental changes. Without conducting an annual review and update of the risk assessment and SSP for each IT system classified as sensitive, Social Services may not adequately secure its sensitive systems against new vulnerabilities that can affect data confidentiality, integrity, and availability. (Security Standard, Sections RA-3 Risk Assessment and PL-2 System Security Plan)
Social Services does not implement corrective actions to mitigate risks in its sensitive systems’ risk assessments. The Security Standard requires Social Services to prepare a report of each risk assessment that includes major findings and risk mitigation efforts (Security Standard, Section 6.2.3 Risk Assessment). While Social Services documents a list of risk remediation plans and a schedule within its risk assessments, Social Services does not have a process to establish effective corrective action plans to mitigate findings identified during the risk assessments. Without properly establishing and implementing corrective actions, Social Services opens its systems to possible risks and vulnerabilities that could compromise the agency’s sensitive information.
Without documenting risk management information for all its sensitive systems and reviewing the documentation at least annually, Social Services may not consistently and effectively manage its IT risk management program. An effective IT risk management program is essential to help protect IT systems and data from potential risks. Specifically, Social Services cannot prioritize information security controls to implement or determine if proper information security controls are in place. Ineffective security controls could lead to a breach of data or unauthorized access to sensitive and confidential data.
Social Services’ Information Security Risk Management (ISRM) oversees the risk management program on behalf of business owners and hired an IT Risk Manager in 2020. ISRM has prioritized completing risk assessments and SSPs for new systems; however, due to the magnitude of the project, ISRM has not yet completed the project. Additionally, the risk assessment requirements documented in the risk assessment policy and the risk assessment process documented in the risk assessment procedure do not align, which contributed to Social Services not consistently completing risk management documentation due to conflicting roles and responsibilities.
Social Services should develop a plan and prioritize resources to complete risk management documentation for its sensitive systems and review those documents annually to validate that the information reflects the current environment. Additionally, Social Services should implement security controls to mitigate the risks and vulnerabilities identified in its risk assessments. Improving the IT risk management program will help to ensure the confidentiality, integrity, and availability of the agency’s sensitive systems and mission essential functions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-014: Continue Improving IT Risk Management Program
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-030; 2021-026; 2020-027; 2019-063; 2018-025
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to not have a formal and effective IT risk management program that aligns with the requirements in the Security Standard. As a result, Social Services does not complete various IT risk management documentation nor maintain an accurate list of sensitive systems. IT risk management documentation identifies the types of data stored and processed within its environment, the sensitivity classification of that data, potential risks and threats to the systems, and risk mitigating controls that Social Services should implement.
Since we first issued this finding in 2018, Social Services has made progress to remediate the issues identified. However, Social Services continues to not comply with the following Security Standard requirements:
Social Services does not verify and validate the data and system sensitivity ratings of its systems to ensure proper IT system sensitivity ratings. Social Services’ systems list includes 89 systems. Social Services classifies 77 of the 89 systems (87%) as sensitive systems based on the sensitive data handled by each system. Social Services classifies four of the 89 systems (4%) as nonsensitive systems. Social Services does not rate eight of the 89 systems (9%). However, five of the eight unrated systems transmit, process, or store sensitive data sets or support critical business processes and therefore, Social Services should consider these to be sensitive systems. The remaining three of the eight unrated systems do not transmit, process, or store sensitive data sets or support critical business processes and therefore, Social Services should consider these nonsensitive systems. The Security Standard defines sensitive systems as systems that transmit, process, or store sensitive data sets or support sensitive business processes. Without a process to maintain an updated sensitive systems list and verify and validate IT system and data sensitivity, Social Services increases the risk of not properly defining all sensitive systems within its IT environment. Failure to identify sensitive systems increases the likelihood of Social Services inadequately addressing risks, vulnerabilities, and remediation techniques necessary to protect sensitive IT systems and data. (Security Standard, Section 4.2.6 IT System and Data Sensitivity Classification)
Social Services does not create or annually review risk assessments and system security plans (SSP) for every sensitive system. Social Services’ systems list indicates 77 systems classified as sensitive systems, and the systems list includes five additional systems without a sensitivity classification that process and store sensitive data and therefore should be classified as sensitive systems. Several of these systems have no or only partial risk assessment and SSP documentation. Specifically:
Risk assessment documentation does not exist for 64 (78%) systems.
Annual review documentation does not exist for 82 (100%) of the existing risk assessments.
SSP documentation does not exist for 45 (55%) systems.
Annual review documentation does not exist for 82 (100%) of the existing SSPs.
The Security Standard requires the agency to conduct and document a risk assessment for each IT system classified as a sensitive system at least once every three years. The Security Standard also requires the agency to develop and distribute to appropriate organization-defined personnel a security plan for the information system. Without completing risk assessments and SSPs for all sensitive systems, Social Services may not appropriately secure its systems against known vulnerabilities that can affect the confidentiality, integrity, and availability of sensitive and mission-critical data. (Security Standard, Sections 6.2 Risk Assessment Requirements, RA-3 Risk Assessment and PL-2 System Security Plan).
The Security Standard requires Social Services to review and update completed risk assessments annually or when changes occur that may impact the security state of the system, and to review and update each SSP on an annual basis or more frequently to address environmental changes. Without conducting an annual review and update of the risk assessment and SSP for each IT system classified as sensitive, Social Services may not adequately secure its sensitive systems against new vulnerabilities that can affect data confidentiality, integrity, and availability. (Security Standard, Sections RA-3 Risk Assessment and PL-2 System Security Plan)
Social Services does not implement corrective actions to mitigate risks in its sensitive systems’ risk assessments. The Security Standard requires Social Services to prepare a report of each risk assessment that includes major findings and risk mitigation efforts (Security Standard, Section 6.2.3 Risk Assessment). While Social Services documents a list of risk remediation plans and a schedule within its risk assessments, Social Services does not have a process to establish effective corrective action plans to mitigate findings identified during the risk assessments. Without properly establishing and implementing corrective actions, Social Services opens its systems to possible risks and vulnerabilities that could compromise the agency’s sensitive information.
Without documenting risk management information for all its sensitive systems and reviewing the documentation at least annually, Social Services may not consistently and effectively manage its IT risk management program. An effective IT risk management program is essential to help protect IT systems and data from potential risks. Specifically, Social Services cannot prioritize information security controls to implement or determine if proper information security controls are in place. Ineffective security controls could lead to a breach of data or unauthorized access to sensitive and confidential data.
Social Services’ Information Security Risk Management (ISRM) oversees the risk management program on behalf of business owners and hired an IT Risk Manager in 2020. ISRM has prioritized completing risk assessments and SSPs for new systems; however, due to the magnitude of the project, ISRM has not yet completed the project. Additionally, the risk assessment requirements documented in the risk assessment policy and the risk assessment process documented in the risk assessment procedure do not align, which contributed to Social Services not consistently completing risk management documentation due to conflicting roles and responsibilities.
Social Services should develop a plan and prioritize resources to complete risk management documentation for its sensitive systems and review those documents annually to validate that the information reflects the current environment. Additionally, Social Services should implement security controls to mitigate the risks and vulnerabilities identified in its risk assessments. Improving the IT risk management program will help to ensure the confidentiality, integrity, and availability of the agency’s sensitive systems and mission essential functions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-015: Improve Web Application Security
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-029; 2021-025; 2020-026; 2019-037
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability; Configuration Management; Risk Assessment; System and Information Integrity
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to not configure a sensitive web application in accordance with the Security Standard. Since the prior audit, Social Services has not remediated any of the previously identified weaknesses. We communicated the weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard requires agencies to implement certain controls that reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Lacking and insufficient procedures and processes to manage the web application contributed to the five weaknesses outlined in the separate FOIAE document. Additionally, Social Services prioritizing other projects also contributed to the weaknesses persisting. Not configuring web applications in accordance with the Security Standard increases the risk of successful cyberattack, exploit, and data breach by malicious parties.
Social Services should dedicate the necessary resources to remediate the weaknesses discussed in the communication marked FOIAE in accordance with the requirements in the Security Standard. Proper configuration of the web application will help Social Services to protect its sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-015: Improve Web Application Security
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-029; 2021-025; 2020-026; 2019-037
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability; Configuration Management; Risk Assessment; System and Information Integrity
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to not configure a sensitive web application in accordance with the Security Standard. Since the prior audit, Social Services has not remediated any of the previously identified weaknesses. We communicated the weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard requires agencies to implement certain controls that reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Lacking and insufficient procedures and processes to manage the web application contributed to the five weaknesses outlined in the separate FOIAE document. Additionally, Social Services prioritizing other projects also contributed to the weaknesses persisting. Not configuring web applications in accordance with the Security Standard increases the risk of successful cyberattack, exploit, and data breach by malicious parties.
Social Services should dedicate the necessary resources to remediate the weaknesses discussed in the communication marked FOIAE in accordance with the requirements in the Security Standard. Proper configuration of the web application will help Social Services to protect its sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-015: Improve Web Application Security
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-029; 2021-025; 2020-026; 2019-037
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability; Configuration Management; Risk Assessment; System and Information Integrity
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to not configure a sensitive web application in accordance with the Security Standard. Since the prior audit, Social Services has not remediated any of the previously identified weaknesses. We communicated the weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard requires agencies to implement certain controls that reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Lacking and insufficient procedures and processes to manage the web application contributed to the five weaknesses outlined in the separate FOIAE document. Additionally, Social Services prioritizing other projects also contributed to the weaknesses persisting. Not configuring web applications in accordance with the Security Standard increases the risk of successful cyberattack, exploit, and data breach by malicious parties.
Social Services should dedicate the necessary resources to remediate the weaknesses discussed in the communication marked FOIAE in accordance with the requirements in the Security Standard. Proper configuration of the web application will help Social Services to protect its sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-022: Improve IT Risk Management Program
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Planning; Risk Assessment; System and Services Acquisition
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education is missing certain elements within its IT risk management program to meet the requirements in the Commonwealth’s Security Standard. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
The Security Standard requires that Education review and update its risk assessment at least annually or when significant changes occur to the system or IT environment (Security Standard, Section 6.2 Risk Assessment). The Security Standard also requires that Education perform an initial risk analysis at project initiation for each external information system (Security Standard, Section SA-3-COV-1). Additionally, the Security Standard requires Education to develop a system security plan for the information system and conduct an annual review of the SSP (Security Standard, Section PL-2 System Security Plan).
Without conducting and annually reviewing its risk management documentation, Education increases the risk that it may not properly secure its sensitive systems. An unexpected delay in implementing the planned risk management solution contributed to Education not consistently maintaining its risk management documentation.
Education should complete the implementation of its new risk management solution. In addition, Education should conduct and annually review each element of its risk management documentation. This will help ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-027: Improve Information Security Program and IT Governance
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-022
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: Information Security Roles and Responsibilities
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services has an insufficient governance structure to manage and maintain its information security program in accordance with the Security Standard. Specifically, Social Services does not assess information security requirements for its IT projects and prioritize information security and information technology resources to ensure its information security program effectively protects sensitive Commonwealth data in accordance with the Security Standard.
The Security Standard, Section 2.4.2, requires the agency head to maintain an information security program that is sufficient to protect the agency’s IT systems and to ensure the information security program is documented and effectively communicated. We communicated the control weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia due to its sensitivity and description of security controls.
The control weaknesses described in the communication marked FOIAE are the result of Social Services not assessing information security requirements prior to project implementation and prioritizing information security within the IT environment. Social Services has hindered its ability to consistently and timely remediate findings from management recommendations issued throughout prior year audits and bring the information security program in compliance with the Security Standard by not dedicating the necessary IT resources to information security. Not prioritizing information technology resources to properly manage its information security program can result in a data breach or unauthorized access to confidential and mission-critical data, leading to data corruption, data loss, or system disruption if accessed by a malicious attacker, either internal or external. Because of the scope of this matter and the magnitude of Social Services’ information system security responsibilities, we consider these weaknesses collectively to create a material weakness in internal controls over compliance.
In July 2023, the Governor appointed a Chief Deputy Commissioner, who is responsible for overseeing Social Services’ information technology and security functions. Social Services should evaluate the most efficient and effective method to bring its IT and security program into compliance with the Security Standard. Social Services should also evaluate its IT resource levels to ensure sufficient resources are available and dedicated to prioritizing and implementing IT governance changes and address the control deficiencies discussed in the communication marked FOIAE. Implementing these recommendations will help to ensure Social Services protects the confidentiality, integrity, and availability of its sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-027: Improve Information Security Program and IT Governance
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-022
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: Information Security Roles and Responsibilities
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services has an insufficient governance structure to manage and maintain its information security program in accordance with the Security Standard. Specifically, Social Services does not assess information security requirements for its IT projects and prioritize information security and information technology resources to ensure its information security program effectively protects sensitive Commonwealth data in accordance with the Security Standard.
The Security Standard, Section 2.4.2, requires the agency head to maintain an information security program that is sufficient to protect the agency’s IT systems and to ensure the information security program is documented and effectively communicated. We communicated the control weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia due to its sensitivity and description of security controls.
The control weaknesses described in the communication marked FOIAE are the result of Social Services not assessing information security requirements prior to project implementation and prioritizing information security within the IT environment. Social Services has hindered its ability to consistently and timely remediate findings from management recommendations issued throughout prior year audits and bring the information security program in compliance with the Security Standard by not dedicating the necessary IT resources to information security. Not prioritizing information technology resources to properly manage its information security program can result in a data breach or unauthorized access to confidential and mission-critical data, leading to data corruption, data loss, or system disruption if accessed by a malicious attacker, either internal or external. Because of the scope of this matter and the magnitude of Social Services’ information system security responsibilities, we consider these weaknesses collectively to create a material weakness in internal controls over compliance.
In July 2023, the Governor appointed a Chief Deputy Commissioner, who is responsible for overseeing Social Services’ information technology and security functions. Social Services should evaluate the most efficient and effective method to bring its IT and security program into compliance with the Security Standard. Social Services should also evaluate its IT resource levels to ensure sufficient resources are available and dedicated to prioritizing and implementing IT governance changes and address the control deficiencies discussed in the communication marked FOIAE. Implementing these recommendations will help to ensure Social Services protects the confidentiality, integrity, and availability of its sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-027: Improve Information Security Program and IT Governance
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-022
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: Information Security Roles and Responsibilities
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services has an insufficient governance structure to manage and maintain its information security program in accordance with the Security Standard. Specifically, Social Services does not assess information security requirements for its IT projects and prioritize information security and information technology resources to ensure its information security program effectively protects sensitive Commonwealth data in accordance with the Security Standard.
The Security Standard, Section 2.4.2, requires the agency head to maintain an information security program that is sufficient to protect the agency’s IT systems and to ensure the information security program is documented and effectively communicated. We communicated the control weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia due to its sensitivity and description of security controls.
The control weaknesses described in the communication marked FOIAE are the result of Social Services not assessing information security requirements prior to project implementation and prioritizing information security within the IT environment. Social Services has hindered its ability to consistently and timely remediate findings from management recommendations issued throughout prior year audits and bring the information security program in compliance with the Security Standard by not dedicating the necessary IT resources to information security. Not prioritizing information technology resources to properly manage its information security program can result in a data breach or unauthorized access to confidential and mission-critical data, leading to data corruption, data loss, or system disruption if accessed by a malicious attacker, either internal or external. Because of the scope of this matter and the magnitude of Social Services’ information system security responsibilities, we consider these weaknesses collectively to create a material weakness in internal controls over compliance.
In July 2023, the Governor appointed a Chief Deputy Commissioner, who is responsible for overseeing Social Services’ information technology and security functions. Social Services should evaluate the most efficient and effective method to bring its IT and security program into compliance with the Security Standard. Social Services should also evaluate its IT resource levels to ensure sufficient resources are available and dedicated to prioritizing and implementing IT governance changes and address the control deficiencies discussed in the communication marked FOIAE. Implementing these recommendations will help to ensure Social Services protects the confidentiality, integrity, and availability of its sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-034: Evaluate Separation of Duty Conflicts within the Case Management System
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services has not performed nor documented a conflicting access review for its case management system to identify the combination of roles that could pose a separation of duties conflict and ensure compensating controls are in place to mitigate risks arising from those conflicts. Social Services uses the case management system to determine applicant eligibility and authorize benefit payments for the Medicaid Cluster, Child Care and Development Fund Cluster, SNAP Cluster, TANF, and Low-Income Household Energy Assistance (LIHEA) federal grant programs. Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
The Security Standard, Section 8.1 AC-5, requires the agency to separate duties of individuals as necessary, document separation of duties of individuals, and define information system access authorization to support the separation of duties. Social Services, in collaboration with its service provider, has documented role-based security access. However, due to lack of management oversight, the documentation did not include a review of conflicting role access and Social Services has not properly updated the documentation even though the case management system has undergone multiple changes and upgrades since its initial release over ten years ago. By not performing and documenting a conflicting access review, Social Services does not know which combinations of roles pose a separation of duties conflict and could potentially create opportunities for users to exploit vulnerabilities in the case management system.
Social Services should perform and document a conflicting access review for the case management system to identify the combinations of roles that could pose separation of duties conflicts and ensure compensating controls are in place to mitigate risks arising from those conflicts. Additionally, Social Services should update the role-based security access documentation to reflect all system changes from prior case management system related releases.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-034: Evaluate Separation of Duty Conflicts within the Case Management System
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services has not performed nor documented a conflicting access review for its case management system to identify the combination of roles that could pose a separation of duties conflict and ensure compensating controls are in place to mitigate risks arising from those conflicts. Social Services uses the case management system to determine applicant eligibility and authorize benefit payments for the Medicaid Cluster, Child Care and Development Fund Cluster, SNAP Cluster, TANF, and Low-Income Household Energy Assistance (LIHEA) federal grant programs. Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
The Security Standard, Section 8.1 AC-5, requires the agency to separate duties of individuals as necessary, document separation of duties of individuals, and define information system access authorization to support the separation of duties. Social Services, in collaboration with its service provider, has documented role-based security access. However, due to lack of management oversight, the documentation did not include a review of conflicting role access and Social Services has not properly updated the documentation even though the case management system has undergone multiple changes and upgrades since its initial release over ten years ago. By not performing and documenting a conflicting access review, Social Services does not know which combinations of roles pose a separation of duties conflict and could potentially create opportunities for users to exploit vulnerabilities in the case management system.
Social Services should perform and document a conflicting access review for the case management system to identify the combinations of roles that could pose separation of duties conflicts and ensure compensating controls are in place to mitigate risks arising from those conflicts. Additionally, Social Services should update the role-based security access documentation to reflect all system changes from prior case management system related releases.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-034: Evaluate Separation of Duty Conflicts within the Case Management System
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services has not performed nor documented a conflicting access review for its case management system to identify the combination of roles that could pose a separation of duties conflict and ensure compensating controls are in place to mitigate risks arising from those conflicts. Social Services uses the case management system to determine applicant eligibility and authorize benefit payments for the Medicaid Cluster, Child Care and Development Fund Cluster, SNAP Cluster, TANF, and Low-Income Household Energy Assistance (LIHEA) federal grant programs. Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
The Security Standard, Section 8.1 AC-5, requires the agency to separate duties of individuals as necessary, document separation of duties of individuals, and define information system access authorization to support the separation of duties. Social Services, in collaboration with its service provider, has documented role-based security access. However, due to lack of management oversight, the documentation did not include a review of conflicting role access and Social Services has not properly updated the documentation even though the case management system has undergone multiple changes and upgrades since its initial release over ten years ago. By not performing and documenting a conflicting access review, Social Services does not know which combinations of roles pose a separation of duties conflict and could potentially create opportunities for users to exploit vulnerabilities in the case management system.
Social Services should perform and document a conflicting access review for the case management system to identify the combinations of roles that could pose separation of duties conflicts and ensure compensating controls are in place to mitigate risks arising from those conflicts. Additionally, Social Services should update the role-based security access documentation to reflect all system changes from prior case management system related releases.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-035: Perform Annual Review of Case Management System Access
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services did not perform the required annual access review for its case management system during fiscal year 2023. Social Services uses the case management system to determine applicant eligibility and authorize benefit payments for the Medicaid Cluster, Child Care and Development Fund Cluster, SNAP Cluster, TANF, and LIHEA federal grant programs. Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
The Security Standard, Section 8.1 AC-2(j), requires the agency to review accounts for compliance with account management on an annual basis. Additionally, Social Services’ policies and procedures require an annual review of user accounts to verify access privileges of active employees for every role-based access system and this review must be completed within 364 days of the last completion of access review. The annual access review for the case management system was not performed during fiscal year 2023 due to staff turnover. By not performing this annual access review, Social Services increases the risk of improper or unnecessary access to sensitive systems, which could result in a breach in data security. Social Services should perform an annual access review of user accounts for the case management system as required by the Security Standard and the agency’s policies and procedures.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-035: Perform Annual Review of Case Management System Access
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services did not perform the required annual access review for its case management system during fiscal year 2023. Social Services uses the case management system to determine applicant eligibility and authorize benefit payments for the Medicaid Cluster, Child Care and Development Fund Cluster, SNAP Cluster, TANF, and LIHEA federal grant programs. Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
The Security Standard, Section 8.1 AC-2(j), requires the agency to review accounts for compliance with account management on an annual basis. Additionally, Social Services’ policies and procedures require an annual review of user accounts to verify access privileges of active employees for every role-based access system and this review must be completed within 364 days of the last completion of access review. The annual access review for the case management system was not performed during fiscal year 2023 due to staff turnover. By not performing this annual access review, Social Services increases the risk of improper or unnecessary access to sensitive systems, which could result in a breach in data security. Social Services should perform an annual access review of user accounts for the case management system as required by the Security Standard and the agency’s policies and procedures.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-035: Perform Annual Review of Case Management System Access
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services did not perform the required annual access review for its case management system during fiscal year 2023. Social Services uses the case management system to determine applicant eligibility and authorize benefit payments for the Medicaid Cluster, Child Care and Development Fund Cluster, SNAP Cluster, TANF, and LIHEA federal grant programs. Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
The Security Standard, Section 8.1 AC-2(j), requires the agency to review accounts for compliance with account management on an annual basis. Additionally, Social Services’ policies and procedures require an annual review of user accounts to verify access privileges of active employees for every role-based access system and this review must be completed within 364 days of the last completion of access review. The annual access review for the case management system was not performed during fiscal year 2023 due to staff turnover. By not performing this annual access review, Social Services increases the risk of improper or unnecessary access to sensitive systems, which could result in a breach in data security. Social Services should perform an annual access review of user accounts for the case management system as required by the Security Standard and the agency’s policies and procedures.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-036: Perform Annual System Access Reviews
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services has not performed an annual access review for two of three user groups of the claims processing module of the Medicaid management system since June 2022. Medical Assistance Services completed an annual access review of Medical Assistance Services’ employees but did not perform an annual review of the Social Services’ and contractors’ user groups. The Social Services and contractor user groups represent almost ninety percent of the total users of the system.
The Security Standard, Section 8.1 AC-2, requires the agency to review accounts for compliance with account management requirements on an annual basis. Medical Assistance Services encountered issues after the implementation of the Medicaid management system including lack of staff and budgetary constraints, causing management to defer the review process.
By not reviewing access on an annual basis, Medical Assistance Services cannot verify that each user’s access is appropriate based on job functions; does not violate the principles of least privilege or separation of duties; and is configured appropriately. Lack of an annual access review increases the risk that a user retains inappropriate access, which could lead to unauthorized access to sensitive information. Medical Assistance Services should perform an annual review of Social Services’ and contractors’ access to identify unnecessary access due to terminations or changes in responsibilities.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-036: Perform Annual System Access Reviews
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services has not performed an annual access review for two of three user groups of the claims processing module of the Medicaid management system since June 2022. Medical Assistance Services completed an annual access review of Medical Assistance Services’ employees but did not perform an annual review of the Social Services’ and contractors’ user groups. The Social Services and contractor user groups represent almost ninety percent of the total users of the system.
The Security Standard, Section 8.1 AC-2, requires the agency to review accounts for compliance with account management requirements on an annual basis. Medical Assistance Services encountered issues after the implementation of the Medicaid management system including lack of staff and budgetary constraints, causing management to defer the review process.
By not reviewing access on an annual basis, Medical Assistance Services cannot verify that each user’s access is appropriate based on job functions; does not violate the principles of least privilege or separation of duties; and is configured appropriately. Lack of an annual access review increases the risk that a user retains inappropriate access, which could lead to unauthorized access to sensitive information. Medical Assistance Services should perform an annual review of Social Services’ and contractors’ access to identify unnecessary access due to terminations or changes in responsibilities.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-036: Perform Annual System Access Reviews
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Access Control
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services has not performed an annual access review for two of three user groups of the claims processing module of the Medicaid management system since June 2022. Medical Assistance Services completed an annual access review of Medical Assistance Services’ employees but did not perform an annual review of the Social Services’ and contractors’ user groups. The Social Services and contractor user groups represent almost ninety percent of the total users of the system.
The Security Standard, Section 8.1 AC-2, requires the agency to review accounts for compliance with account management requirements on an annual basis. Medical Assistance Services encountered issues after the implementation of the Medicaid management system including lack of staff and budgetary constraints, causing management to defer the review process.
By not reviewing access on an annual basis, Medical Assistance Services cannot verify that each user’s access is appropriate based on job functions; does not violate the principles of least privilege or separation of duties; and is configured appropriately. Lack of an annual access review increases the risk that a user retains inappropriate access, which could lead to unauthorized access to sensitive information. Medical Assistance Services should perform an annual review of Social Services’ and contractors’ access to identify unnecessary access due to terminations or changes in responsibilities.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-043: Monitor Internal Controls to Ensure Timely Removal of System Access
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-059; 2021-038;2021-027;2020-025;2019-027;2018-042
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Personnel Security
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to implement internal controls to monitor the timely removal of system access. The Security Standard, Section PS-4, requires the organization to disable information system access within 24 hours of employment termination. In prior audits, we identified instances where Social Services did not remove separated employee access in accordance with the Security Standard.
In response to the prior audit recommendations, Social Services formed an agency-wide working group to determine the exact processes needed to implement the internal controls necessary to address the audit recommendations. Additionally, Social Services’ ISRM function and the Division of Human Resources (Human Resources) have worked together to discuss implementing new reporting and interface processes between its internal human resources system and the Commonwealth’s human resources system. However, because of the extent of its corrective actions, Social Services was not able to implement all of them by the end of fiscal year 2023.
Social Services administers numerous public assistance programs that collect personally identifiable information and other protected information from beneficiaries. Social Services places its data and reputation at risk by not removing access timely. Additionally, Social Services could incur potential financial liabilities should its information become compromised. Therefore, Social Services should continue its corrective action efforts to implement internal controls to monitor the timely removal of system access.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-043: Monitor Internal Controls to Ensure Timely Removal of System Access
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-059; 2021-038;2021-027;2020-025;2019-027;2018-042
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Personnel Security
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to implement internal controls to monitor the timely removal of system access. The Security Standard, Section PS-4, requires the organization to disable information system access within 24 hours of employment termination. In prior audits, we identified instances where Social Services did not remove separated employee access in accordance with the Security Standard.
In response to the prior audit recommendations, Social Services formed an agency-wide working group to determine the exact processes needed to implement the internal controls necessary to address the audit recommendations. Additionally, Social Services’ ISRM function and the Division of Human Resources (Human Resources) have worked together to discuss implementing new reporting and interface processes between its internal human resources system and the Commonwealth’s human resources system. However, because of the extent of its corrective actions, Social Services was not able to implement all of them by the end of fiscal year 2023.
Social Services administers numerous public assistance programs that collect personally identifiable information and other protected information from beneficiaries. Social Services places its data and reputation at risk by not removing access timely. Additionally, Social Services could incur potential financial liabilities should its information become compromised. Therefore, Social Services should continue its corrective action efforts to implement internal controls to monitor the timely removal of system access.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-043: Monitor Internal Controls to Ensure Timely Removal of System Access
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-059; 2021-038;2021-027;2020-025;2019-027;2018-042
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Personnel Security
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to implement internal controls to monitor the timely removal of system access. The Security Standard, Section PS-4, requires the organization to disable information system access within 24 hours of employment termination. In prior audits, we identified instances where Social Services did not remove separated employee access in accordance with the Security Standard.
In response to the prior audit recommendations, Social Services formed an agency-wide working group to determine the exact processes needed to implement the internal controls necessary to address the audit recommendations. Additionally, Social Services’ ISRM function and the Division of Human Resources (Human Resources) have worked together to discuss implementing new reporting and interface processes between its internal human resources system and the Commonwealth’s human resources system. However, because of the extent of its corrective actions, Social Services was not able to implement all of them by the end of fiscal year 2023.
Social Services administers numerous public assistance programs that collect personally identifiable information and other protected information from beneficiaries. Social Services places its data and reputation at risk by not removing access timely. Additionally, Social Services could incur potential financial liabilities should its information become compromised. Therefore, Social Services should continue its corrective action efforts to implement internal controls to monitor the timely removal of system access.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-049: Continue Improving IT Change and Configuration Management Process
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-052; 2021-049; 2020-044; 2019-038
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Configuration Management
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to improve its IT change and configuration management process to align with the Security Standard. Change management is a key control to evaluate, approve, and verify configuration changes to security components. Two weaknesses remain since our last review, which we communicated to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard requires agencies to implement certain controls that reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Social Services’ Change Management Process Guide details the process Social Services follows to manage changes, but does not include all the required elements, which contributed to the weaknesses remaining. Additionally, the change request form does not have the necessary fields to document the required elements. Not aligning IT change management processes with the Security Standard increases the risk of a data breach or unauthorized access to confidential and mission-critical data, leading to data corruption, data loss, or system disruption if accessed by a malicious attacker, either internal or external.
Social Services should resolve the remaining two weaknesses discussed in the communication marked FOIAE in accordance with the Security Standard. Continuing to improve Social Services’ IT change and configuration management process will decrease the risk of unauthorized modifications to sensitive systems and help maintain the confidentiality, integrity, and availability of sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-049: Continue Improving IT Change and Configuration Management Process
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-052; 2021-049; 2020-044; 2019-038
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Configuration Management
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to improve its IT change and configuration management process to align with the Security Standard. Change management is a key control to evaluate, approve, and verify configuration changes to security components. Two weaknesses remain since our last review, which we communicated to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard requires agencies to implement certain controls that reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Social Services’ Change Management Process Guide details the process Social Services follows to manage changes, but does not include all the required elements, which contributed to the weaknesses remaining. Additionally, the change request form does not have the necessary fields to document the required elements. Not aligning IT change management processes with the Security Standard increases the risk of a data breach or unauthorized access to confidential and mission-critical data, leading to data corruption, data loss, or system disruption if accessed by a malicious attacker, either internal or external.
Social Services should resolve the remaining two weaknesses discussed in the communication marked FOIAE in accordance with the Security Standard. Continuing to improve Social Services’ IT change and configuration management process will decrease the risk of unauthorized modifications to sensitive systems and help maintain the confidentiality, integrity, and availability of sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-049: Continue Improving IT Change and Configuration Management Process
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-052; 2021-049; 2020-044; 2019-038
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Configuration Management
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to improve its IT change and configuration management process to align with the Security Standard. Change management is a key control to evaluate, approve, and verify configuration changes to security components. Two weaknesses remain since our last review, which we communicated to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard requires agencies to implement certain controls that reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Social Services’ Change Management Process Guide details the process Social Services follows to manage changes, but does not include all the required elements, which contributed to the weaknesses remaining. Additionally, the change request form does not have the necessary fields to document the required elements. Not aligning IT change management processes with the Security Standard increases the risk of a data breach or unauthorized access to confidential and mission-critical data, leading to data corruption, data loss, or system disruption if accessed by a malicious attacker, either internal or external.
Social Services should resolve the remaining two weaknesses discussed in the communication marked FOIAE in accordance with the Security Standard. Continuing to improve Social Services’ IT change and configuration management process will decrease the risk of unauthorized modifications to sensitive systems and help maintain the confidentiality, integrity, and availability of sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-051: Improve Change Control Process
Applicable to: Virginia Employment Commission
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Configuration Management
ALPT or Cluster Name and ALN: Unemployment Insurance (UI) - 17.225
Federal Award Number and Year: UI210F2300 - 2023
Name of Federal Agency: U.S. Department of Labor
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
The Commission does not define whether certain types of changes are exempt from certain elements of its information technology (IT) change control process. As a result, the Commission does not consistently follow its Configuration Management Policy and Procedures (Configuration Management Policy) and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). Specifically, the following weaknesses exist:
The Commission does not perform an explicit evaluation of change requests from a security perspective, commonly referred to as a security impact analysis, for changes to some of its systems and applications. For all 50 changes we selected for review, the Commission could not provide evidence that it performed a security impact analysis. The Configuration Management Policy requires the Commission’s Information Security Officer (ISO) or designee to perform a security impact analysis for proposed changes, document the findings, and attach the documentation to the change request. Additionally, the Security Standard requires the Commission to approve or deny change requests with explicit consideration for security impact analyses. Without conducting and documenting a security impact analysis for each requested change, the Commission may not detect and prevent changes that could compromise the security of the IT environment (Configuration Management Policy Section 3.b Security Impact Analysis; Security Standard Sections CM-3 Configuration Change Control and CM-4 Security Impact Analysis).
The Commission did not perform pre-implementation testing for 34 out of 50 changes sampled (68%). The Configuration Management Policy requires the Commission to test, validate, and document changes to the information system before implementing the changes on the operational system. Without performing pre-implementation testing to validate a change, the Commission increases the risk that a change may compromise security of the IT environment without being detected and prevented (Configuration Management Policy Section 2.a.9 Configuration Change Control; Security Standard Section CM-3 Configuration Change Control).
The Commission not documenting whether specific types of changes are exempt from certain aspects of its formal change management process or should follow a different process caused it not to consistently perform pre-implementation testing. Additionally, the Commission did not enforce its Configuration Management Policy, which also led to it not formally documenting a security impact analysis for each change.
The Commission should define and formally document the different change types and whether the type of change is exempt from aspects of its formal change management process. Additionally, the Commission should conduct and document its analysis of security impacts for each change request prior to approval and implementation to the production IT environment. These actions will help ensure the confidentiality, integrity, and availability of sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-051: Improve Change Control Process
Applicable to: Virginia Employment Commission
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Configuration Management
ALPT or Cluster Name and ALN: Unemployment Insurance (UI) - 17.225
Federal Award Number and Year: UI210F2300 - 2023
Name of Federal Agency: U.S. Department of Labor
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
The Commission does not define whether certain types of changes are exempt from certain elements of its information technology (IT) change control process. As a result, the Commission does not consistently follow its Configuration Management Policy and Procedures (Configuration Management Policy) and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). Specifically, the following weaknesses exist:
The Commission does not perform an explicit evaluation of change requests from a security perspective, commonly referred to as a security impact analysis, for changes to some of its systems and applications. For all 50 changes we selected for review, the Commission could not provide evidence that it performed a security impact analysis. The Configuration Management Policy requires the Commission’s Information Security Officer (ISO) or designee to perform a security impact analysis for proposed changes, document the findings, and attach the documentation to the change request. Additionally, the Security Standard requires the Commission to approve or deny change requests with explicit consideration for security impact analyses. Without conducting and documenting a security impact analysis for each requested change, the Commission may not detect and prevent changes that could compromise the security of the IT environment (Configuration Management Policy Section 3.b Security Impact Analysis; Security Standard Sections CM-3 Configuration Change Control and CM-4 Security Impact Analysis).
The Commission did not perform pre-implementation testing for 34 out of 50 changes sampled (68%). The Configuration Management Policy requires the Commission to test, validate, and document changes to the information system before implementing the changes on the operational system. Without performing pre-implementation testing to validate a change, the Commission increases the risk that a change may compromise security of the IT environment without being detected and prevented (Configuration Management Policy Section 2.a.9 Configuration Change Control; Security Standard Section CM-3 Configuration Change Control).
The Commission not documenting whether specific types of changes are exempt from certain aspects of its formal change management process or should follow a different process caused it not to consistently perform pre-implementation testing. Additionally, the Commission did not enforce its Configuration Management Policy, which also led to it not formally documenting a security impact analysis for each change.
The Commission should define and formally document the different change types and whether the type of change is exempt from aspects of its formal change management process. Additionally, the Commission should conduct and document its analysis of security impacts for each change request prior to approval and implementation to the production IT environment. These actions will help ensure the confidentiality, integrity, and availability of sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-055: Obtain and Review Information Security Audit
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Special Tests and Provisions - 42 CFR § 95.621
Known Questioned Costs: $0
Medical Assistance Services has not obtained the required biennial automated data processing (ADP) risk analyses and system security audit of the Medicaid claims processing module of the Medicaid management system (claims processing module). The last audit of the claims processing module occurred during October 2020 and Medical Assistance Services received the report in January 2021. The Medicaid program is highly dependent on extensive and complex computer systems that include controls for ensuring the proper payment of Medicaid claims. These controls reside with the agency as well as with one of Medical Assistance Services’ service providers.
As required by 42 CFR § 95.621, Medical Assistance Services must review its claims processing module on a biennial basis. At a minimum, the review must include an evaluation of physical and data security operating procedures and personnel practices. Additionally, the Commonwealth’s Hosted Environment Information Security Standard, SEC 525 (Hosted Environment Security Standard) states that agency heads remain accountable for maintaining compliance with the Hosted Environment Security Standard for IT equipment, systems, and services procured from service providers and must enforce the compliance requirements through documented agreements and oversight of the services provided.
Without the biennial audit, Medical Assistance Services cannot ensure the service provider has adequately designed and implemented the controls over the claims processing module and whether the controls are operating effectively. Although Medical Assistance Services maintains a high degree of interaction with the service provider, not obtaining and reviewing the biennial audit increases the Commonwealth’s risk that it will not detect a weakness in the service provider’s environment, which could negatively impact the Commonwealth. Due to the highly sensitive, mission-critical nature of the data and controls within the claims processing module, Medical Assistance Services is also compromising system integrity and increasing the risk of unauthorized system access.
Medical Assistance Services’ contract with the service provider includes a biennial audit as a term of the contract. However, Medical Assistance Services did not ensure that the service provider completed the audit timely. In June 2023, the service provider communicated to Medical Assistance Services that the next audit would begin in July 2023 and in October 2023 the service provider communicated that it would deliver the report in December 2023.
Medical Assistance Services should ensure that the service provider completes the required biennial audit and that future audits meet the timing and other requirements in the contract. In addition, Medical Assistance Services should use the results of these audits to ensure its service provider complies with the requirements in the Hosted Environment Security Standard, Code of Federal Regulations, and contract with the Commonwealth. If the required audit discloses weaknesses, Medical Assistance Services should implement compensating controls to mitigate the risk to the Commonwealth until the service provider corrects the deficiency.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-055: Obtain and Review Information Security Audit
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Special Tests and Provisions - 42 CFR § 95.621
Known Questioned Costs: $0
Medical Assistance Services has not obtained the required biennial automated data processing (ADP) risk analyses and system security audit of the Medicaid claims processing module of the Medicaid management system (claims processing module). The last audit of the claims processing module occurred during October 2020 and Medical Assistance Services received the report in January 2021. The Medicaid program is highly dependent on extensive and complex computer systems that include controls for ensuring the proper payment of Medicaid claims. These controls reside with the agency as well as with one of Medical Assistance Services’ service providers.
As required by 42 CFR § 95.621, Medical Assistance Services must review its claims processing module on a biennial basis. At a minimum, the review must include an evaluation of physical and data security operating procedures and personnel practices. Additionally, the Commonwealth’s Hosted Environment Information Security Standard, SEC 525 (Hosted Environment Security Standard) states that agency heads remain accountable for maintaining compliance with the Hosted Environment Security Standard for IT equipment, systems, and services procured from service providers and must enforce the compliance requirements through documented agreements and oversight of the services provided.
Without the biennial audit, Medical Assistance Services cannot ensure the service provider has adequately designed and implemented the controls over the claims processing module and whether the controls are operating effectively. Although Medical Assistance Services maintains a high degree of interaction with the service provider, not obtaining and reviewing the biennial audit increases the Commonwealth’s risk that it will not detect a weakness in the service provider’s environment, which could negatively impact the Commonwealth. Due to the highly sensitive, mission-critical nature of the data and controls within the claims processing module, Medical Assistance Services is also compromising system integrity and increasing the risk of unauthorized system access.
Medical Assistance Services’ contract with the service provider includes a biennial audit as a term of the contract. However, Medical Assistance Services did not ensure that the service provider completed the audit timely. In June 2023, the service provider communicated to Medical Assistance Services that the next audit would begin in July 2023 and in October 2023 the service provider communicated that it would deliver the report in December 2023.
Medical Assistance Services should ensure that the service provider completes the required biennial audit and that future audits meet the timing and other requirements in the contract. In addition, Medical Assistance Services should use the results of these audits to ensure its service provider complies with the requirements in the Hosted Environment Security Standard, Code of Federal Regulations, and contract with the Commonwealth. If the required audit discloses weaknesses, Medical Assistance Services should implement compensating controls to mitigate the risk to the Commonwealth until the service provider corrects the deficiency.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-055: Obtain and Review Information Security Audit
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Special Tests and Provisions - 42 CFR § 95.621
Known Questioned Costs: $0
Medical Assistance Services has not obtained the required biennial automated data processing (ADP) risk analyses and system security audit of the Medicaid claims processing module of the Medicaid management system (claims processing module). The last audit of the claims processing module occurred during October 2020 and Medical Assistance Services received the report in January 2021. The Medicaid program is highly dependent on extensive and complex computer systems that include controls for ensuring the proper payment of Medicaid claims. These controls reside with the agency as well as with one of Medical Assistance Services’ service providers.
As required by 42 CFR § 95.621, Medical Assistance Services must review its claims processing module on a biennial basis. At a minimum, the review must include an evaluation of physical and data security operating procedures and personnel practices. Additionally, the Commonwealth’s Hosted Environment Information Security Standard, SEC 525 (Hosted Environment Security Standard) states that agency heads remain accountable for maintaining compliance with the Hosted Environment Security Standard for IT equipment, systems, and services procured from service providers and must enforce the compliance requirements through documented agreements and oversight of the services provided.
Without the biennial audit, Medical Assistance Services cannot ensure the service provider has adequately designed and implemented the controls over the claims processing module and whether the controls are operating effectively. Although Medical Assistance Services maintains a high degree of interaction with the service provider, not obtaining and reviewing the biennial audit increases the Commonwealth’s risk that it will not detect a weakness in the service provider’s environment, which could negatively impact the Commonwealth. Due to the highly sensitive, mission-critical nature of the data and controls within the claims processing module, Medical Assistance Services is also compromising system integrity and increasing the risk of unauthorized system access.
Medical Assistance Services’ contract with the service provider includes a biennial audit as a term of the contract. However, Medical Assistance Services did not ensure that the service provider completed the audit timely. In June 2023, the service provider communicated to Medical Assistance Services that the next audit would begin in July 2023 and in October 2023 the service provider communicated that it would deliver the report in December 2023.
Medical Assistance Services should ensure that the service provider completes the required biennial audit and that future audits meet the timing and other requirements in the contract. In addition, Medical Assistance Services should use the results of these audits to ensure its service provider complies with the requirements in the Hosted Environment Security Standard, Code of Federal Regulations, and contract with the Commonwealth. If the required audit discloses weaknesses, Medical Assistance Services should implement compensating controls to mitigate the risk to the Commonwealth until the service provider corrects the deficiency.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-056: Conduct Information Technology Security Audits
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services does not conduct a comprehensive IT security audit on each sensitive system at least once every three years that assesses whether IT security controls are adequate and effective. Specifically, Social Services has not conducted an IT security audit in the last three years over 29 of the 70 sensitive systems (41%) due for an IT security audit.
The Security Standard, Section 7, requires that each IT system classified as a sensitive system undergo an IT security audit as required by and in accordance with the current version of the IT Audit Standard. The IT Audit Standard, Section 1.4, requires that IT systems containing sensitive data, or systems with an assessed sensitivity of high on any of the criteria of confidentiality, integrity, or availability, shall receive an IT security audit at least once every three years. Additionally, the IT Audit Standard, Section 2.2, requires that the IT security auditor shall use criteria that, at a minimum, assesses the effectiveness of the system controls and measures compliance with the applicable requirements of the Security Standard.
Social Services does not have an internal audit function but does employ an IT Audit Manager. However, any audits conducted by the IT Audit Manager cannot be peer reviewed due to Social Services not having an internal audit function or Chief Audit Executive, and thus, these audits do not meet Government Auditing Standards requirements. Therefore, Social Services procures an external auditor to complete all the required IT Security Audits using funds allocated from the Virginia General Assembly, as well as funds allocated to Information Technology Services. Social Services tasks the IT Audit Manager with coordinating the audits and tracking Social Services’ remediation of audit findings. However, the IT Audit Manager relies on the collaboration of the business divisions, Information Technology Services, and Information Security Risk Management, as well as the oversight of the Executive Team to effectively schedule and conduct the audits. Social Services did not perform the IT security audits in accordance with the Security Standard because of a lack of governance over IT security.
Without conducting full IT security audits that cover all applicable Security Standard requirements for each sensitive system every three years, Social Services increases the risk that IT staff will not detect and mitigate existing weaknesses. Malicious parties taking advantage of continued weaknesses could compromise sensitive and confidential data. Further, such security incidents could lead to mission-critical systems being unavailable.
Social Services should evaluate potential options and develop a formal process for conducting IT audits over each sensitive system at least once every three years that tests the effectiveness of the IT security controls and compliance with Security Standard requirements. Social Services should then complete the planned IT security audits and implement adequate governance processes to ensure it is meeting the Security Standard requirements. Compliance with the IT Audit Standard will help to ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-056: Conduct Information Technology Security Audits
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services does not conduct a comprehensive IT security audit on each sensitive system at least once every three years that assesses whether IT security controls are adequate and effective. Specifically, Social Services has not conducted an IT security audit in the last three years over 29 of the 70 sensitive systems (41%) due for an IT security audit.
The Security Standard, Section 7, requires that each IT system classified as a sensitive system undergo an IT security audit as required by and in accordance with the current version of the IT Audit Standard. The IT Audit Standard, Section 1.4, requires that IT systems containing sensitive data, or systems with an assessed sensitivity of high on any of the criteria of confidentiality, integrity, or availability, shall receive an IT security audit at least once every three years. Additionally, the IT Audit Standard, Section 2.2, requires that the IT security auditor shall use criteria that, at a minimum, assesses the effectiveness of the system controls and measures compliance with the applicable requirements of the Security Standard.
Social Services does not have an internal audit function but does employ an IT Audit Manager. However, any audits conducted by the IT Audit Manager cannot be peer reviewed due to Social Services not having an internal audit function or Chief Audit Executive, and thus, these audits do not meet Government Auditing Standards requirements. Therefore, Social Services procures an external auditor to complete all the required IT Security Audits using funds allocated from the Virginia General Assembly, as well as funds allocated to Information Technology Services. Social Services tasks the IT Audit Manager with coordinating the audits and tracking Social Services’ remediation of audit findings. However, the IT Audit Manager relies on the collaboration of the business divisions, Information Technology Services, and Information Security Risk Management, as well as the oversight of the Executive Team to effectively schedule and conduct the audits. Social Services did not perform the IT security audits in accordance with the Security Standard because of a lack of governance over IT security.
Without conducting full IT security audits that cover all applicable Security Standard requirements for each sensitive system every three years, Social Services increases the risk that IT staff will not detect and mitigate existing weaknesses. Malicious parties taking advantage of continued weaknesses could compromise sensitive and confidential data. Further, such security incidents could lead to mission-critical systems being unavailable.
Social Services should evaluate potential options and develop a formal process for conducting IT audits over each sensitive system at least once every three years that tests the effectiveness of the IT security controls and compliance with Security Standard requirements. Social Services should then complete the planned IT security audits and implement adequate governance processes to ensure it is meeting the Security Standard requirements. Compliance with the IT Audit Standard will help to ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-056: Conduct Information Technology Security Audits
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Audit and Accountability
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services does not conduct a comprehensive IT security audit on each sensitive system at least once every three years that assesses whether IT security controls are adequate and effective. Specifically, Social Services has not conducted an IT security audit in the last three years over 29 of the 70 sensitive systems (41%) due for an IT security audit.
The Security Standard, Section 7, requires that each IT system classified as a sensitive system undergo an IT security audit as required by and in accordance with the current version of the IT Audit Standard. The IT Audit Standard, Section 1.4, requires that IT systems containing sensitive data, or systems with an assessed sensitivity of high on any of the criteria of confidentiality, integrity, or availability, shall receive an IT security audit at least once every three years. Additionally, the IT Audit Standard, Section 2.2, requires that the IT security auditor shall use criteria that, at a minimum, assesses the effectiveness of the system controls and measures compliance with the applicable requirements of the Security Standard.
Social Services does not have an internal audit function but does employ an IT Audit Manager. However, any audits conducted by the IT Audit Manager cannot be peer reviewed due to Social Services not having an internal audit function or Chief Audit Executive, and thus, these audits do not meet Government Auditing Standards requirements. Therefore, Social Services procures an external auditor to complete all the required IT Security Audits using funds allocated from the Virginia General Assembly, as well as funds allocated to Information Technology Services. Social Services tasks the IT Audit Manager with coordinating the audits and tracking Social Services’ remediation of audit findings. However, the IT Audit Manager relies on the collaboration of the business divisions, Information Technology Services, and Information Security Risk Management, as well as the oversight of the Executive Team to effectively schedule and conduct the audits. Social Services did not perform the IT security audits in accordance with the Security Standard because of a lack of governance over IT security.
Without conducting full IT security audits that cover all applicable Security Standard requirements for each sensitive system every three years, Social Services increases the risk that IT staff will not detect and mitigate existing weaknesses. Malicious parties taking advantage of continued weaknesses could compromise sensitive and confidential data. Further, such security incidents could lead to mission-critical systems being unavailable.
Social Services should evaluate potential options and develop a formal process for conducting IT audits over each sensitive system at least once every three years that tests the effectiveness of the IT security controls and compliance with Security Standard requirements. Social Services should then complete the planned IT security audits and implement adequate governance processes to ensure it is meeting the Security Standard requirements. Compliance with the IT Audit Standard will help to ensure the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-058: Upgrade End-of-Life Technology
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-060
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services uses end-of-life (EOL) technologies in its IT environment and maintains technologies that support mission-essential data on IT systems running software that its vendors no longer support. We communicated internal control weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard prohibits agencies from using software that is EOL and which the vendor no longer supports to reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Social Services does not assign an individual or team with the responsibility to track EOL software dates and does not have a formal process to ensure that it upgrades software versions prior to the EOL date, which caused the EOL software to remain in the environment. Using EOL technologies increases the risk of successful cyberattack, exploit, and data breach by malicious parties. Further, vendors do not offer operational and technical support for EOL or end-of-support technology, which affects data availability by increasing the difficulty of restoring system functionality if a technical failure occurs.
Social Services should dedicate the necessary resources to evaluate and implement the internal controls and recommendations discussed in the communication marked FOIAE in accordance with the Security Standard. Dedicating the necessary resources to minimize the use of EOL technologies will help to ensure that Social Services secures its IT environment and systems to protect its sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-058: Upgrade End-of-Life Technology
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-060
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services uses end-of-life (EOL) technologies in its IT environment and maintains technologies that support mission-essential data on IT systems running software that its vendors no longer support. We communicated internal control weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard prohibits agencies from using software that is EOL and which the vendor no longer supports to reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Social Services does not assign an individual or team with the responsibility to track EOL software dates and does not have a formal process to ensure that it upgrades software versions prior to the EOL date, which caused the EOL software to remain in the environment. Using EOL technologies increases the risk of successful cyberattack, exploit, and data breach by malicious parties. Further, vendors do not offer operational and technical support for EOL or end-of-support technology, which affects data availability by increasing the difficulty of restoring system functionality if a technical failure occurs.
Social Services should dedicate the necessary resources to evaluate and implement the internal controls and recommendations discussed in the communication marked FOIAE in accordance with the Security Standard. Dedicating the necessary resources to minimize the use of EOL technologies will help to ensure that Social Services secures its IT environment and systems to protect its sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-058: Upgrade End-of-Life Technology
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-060
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services uses end-of-life (EOL) technologies in its IT environment and maintains technologies that support mission-essential data on IT systems running software that its vendors no longer support. We communicated internal control weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms. The Security Standard prohibits agencies from using software that is EOL and which the vendor no longer supports to reduce unnecessary risk to the confidentiality, integrity, and availability of Social Services’ information systems and data.
Social Services does not assign an individual or team with the responsibility to track EOL software dates and does not have a formal process to ensure that it upgrades software versions prior to the EOL date, which caused the EOL software to remain in the environment. Using EOL technologies increases the risk of successful cyberattack, exploit, and data breach by malicious parties. Further, vendors do not offer operational and technical support for EOL or end-of-support technology, which affects data availability by increasing the difficulty of restoring system functionality if a technical failure occurs.
Social Services should dedicate the necessary resources to evaluate and implement the internal controls and recommendations discussed in the communication marked FOIAE in accordance with the Security Standard. Dedicating the necessary resources to minimize the use of EOL technologies will help to ensure that Social Services secures its IT environment and systems to protect its sensitive and mission critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-061: Improve Vulnerability Management Process
Applicable to: Department of Education - Direct Aid to Public Education
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: System and Information Integrity
ALPT or Cluster Name and ALN: Child and Adult Care Food Program (CACFP) - 10.558; Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) - 21.027; Educational Stabilization Fund (ESF) - 84.425
Federal Award Number and Year: Various - 2023
Name of Federal Agency: U.S. Department of Agriculture; U.S. Department of Education; U.S. Department of the Treasury
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Education does not consistently remediate vulnerabilities in its information technology (IT) environment within the timeframe required by agency policy and the Commonwealth’s Information Security Standard, SEC 501 (Security Standard). VITA and Education share the responsibility for the remediation of legitimate vulnerabilities and Education does not consistently remediate vulnerabilities that are its responsibility. We communicated the weaknesses and recommendations to management in a separate document marked Freedom of Information Act Exempt (FOIAE) under § 2.2-3705.2 of the Code of Virginia, due to it containing descriptions of security mechanisms.
Both Education’s Information Security Policy Manual and the Security Standard require Education to remediate legitimate vulnerabilities within 90 days in accordance with an organizational assessment of risk. Without remediating vulnerabilities within the required timeframe, Education increases the risk of unauthorized access to the IT environment.
Education follows a vulnerability management process; however, some extensive and time-consuming elements of the process caused delays in remediation efforts. Education should improve its vulnerability management process to remediate vulnerabilities within the timeline required by the Security Standard and its Information Security Policy Manual. By remediating vulnerabilities timely, Education will reduce data security risks for sensitive and mission-critical systems and better protect the confidentiality, integrity, and availability of the data processed by those systems.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-066: Continue Developing Record Retention Requirements and Processes for Electronic Records
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-064; 2021-047; 2020-041; 2019-049; 2018-054
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Contingency Planning
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to operate without an adequate data retention process that ensures consistent compliance with retention requirements for its case management system and adherence to federal regulations and the Code of Virginia. Specifically, Social Services does not have data retention policies and procedures that define its requirements and processes to consistently ensure data retention compliance and destruction. Social Services’ case management system stores several types of federal benefit program records with varying retention requirements supporting ten programs and services, such as Medicaid, TANF, and the Supplemental Nutrition Assistance Program (SNAP). Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
Since fiscal year 2019, Social Services gathered retention requirements from the business divisions that support the federal programs and services. In fiscal year 2022, Social Services finalized and documented policies with retention requirements for the data sets handled by each of the ten programs and services supported by its case management system. However, Social Services has not developed, documented, and implemented procedures and processes to operationalize the records retention policies for each of the programs and services to ensure consistent retention and destruction of records in compliance with regulations and laws.
Title 45 CFR § 155.1210, governs record retention for Medicaid and requires state agencies to maintain records for ten years. Additionally, the Virginia Public Records Act outlined in § 42.1-91 of the Code of Virginia makes an agency responsible for ensuring that it preserves, maintains, and makes accessible public records throughout their lifecycle, including converting and migrating electronic records as often as necessary so that information is not lost due to hardware, software, or media obsolescence or deterioration. Furthermore, the Virginia Public Records Act in § 42.1-86.1 of the Code of Virginia details requirements for the disposition of records including that records created after July 1, 2006, and authorized to be destroyed or discarded, must be discarded in a timely manner and in accordance with the provisions of Chapter 7 of the Virginia Public Records Act. Records that contain identifying information as defined by subsection C of § 18.2-186.3 of the Code of Virginia shall be destroyed within six months of the expiration of the records retention period. Finally, the Security Standard requires agencies to implement backup and restoration plans that address the retention of the data in accordance with the records retention policy for every IT system identified as sensitive relative to availability (Security Standard, Section CP-9-COV Information System Backup).
Without implementing records retention requirements, Social Services increases the risk of a data or privacy breach. Additionally, destroying documents that should be available for business processes or audit, or keeping data longer than stated, could expose Social Services to fines, penalties, or other legal consequences. Further, Social Services may not be able to ensure that backup and restoration efforts will provide mission essential information according to recovery times. Finally, Social Services spends additional resources to maintain, back up, and protect information that no longer serves a business purpose.
Social Services determined that the retention requirements for all ten programs and services supported by its case management system are not feasible as a single release due to the risk and complexity of the project, as well as changes to federal requirements, since its initial analysis. Therefore, Social Services plans to use a phased delivery approach including multiple releases, beginning with Release 1 in February 2024. Further, Social Services is working on a revised timeline to complete each additional phase for the remaining releases.
Social Services should continue to develop and implement records retention procedures that define its requirements and processes to ensure that consistent records retention processes can be operationalized across business divisions to comply with applicable with laws and regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-066: Continue Developing Record Retention Requirements and Processes for Electronic Records
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-064; 2021-047; 2020-041; 2019-049; 2018-054
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Contingency Planning
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to operate without an adequate data retention process that ensures consistent compliance with retention requirements for its case management system and adherence to federal regulations and the Code of Virginia. Specifically, Social Services does not have data retention policies and procedures that define its requirements and processes to consistently ensure data retention compliance and destruction. Social Services’ case management system stores several types of federal benefit program records with varying retention requirements supporting ten programs and services, such as Medicaid, TANF, and the Supplemental Nutrition Assistance Program (SNAP). Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
Since fiscal year 2019, Social Services gathered retention requirements from the business divisions that support the federal programs and services. In fiscal year 2022, Social Services finalized and documented policies with retention requirements for the data sets handled by each of the ten programs and services supported by its case management system. However, Social Services has not developed, documented, and implemented procedures and processes to operationalize the records retention policies for each of the programs and services to ensure consistent retention and destruction of records in compliance with regulations and laws.
Title 45 CFR § 155.1210, governs record retention for Medicaid and requires state agencies to maintain records for ten years. Additionally, the Virginia Public Records Act outlined in § 42.1-91 of the Code of Virginia makes an agency responsible for ensuring that it preserves, maintains, and makes accessible public records throughout their lifecycle, including converting and migrating electronic records as often as necessary so that information is not lost due to hardware, software, or media obsolescence or deterioration. Furthermore, the Virginia Public Records Act in § 42.1-86.1 of the Code of Virginia details requirements for the disposition of records including that records created after July 1, 2006, and authorized to be destroyed or discarded, must be discarded in a timely manner and in accordance with the provisions of Chapter 7 of the Virginia Public Records Act. Records that contain identifying information as defined by subsection C of § 18.2-186.3 of the Code of Virginia shall be destroyed within six months of the expiration of the records retention period. Finally, the Security Standard requires agencies to implement backup and restoration plans that address the retention of the data in accordance with the records retention policy for every IT system identified as sensitive relative to availability (Security Standard, Section CP-9-COV Information System Backup).
Without implementing records retention requirements, Social Services increases the risk of a data or privacy breach. Additionally, destroying documents that should be available for business processes or audit, or keeping data longer than stated, could expose Social Services to fines, penalties, or other legal consequences. Further, Social Services may not be able to ensure that backup and restoration efforts will provide mission essential information according to recovery times. Finally, Social Services spends additional resources to maintain, back up, and protect information that no longer serves a business purpose.
Social Services determined that the retention requirements for all ten programs and services supported by its case management system are not feasible as a single release due to the risk and complexity of the project, as well as changes to federal requirements, since its initial analysis. Therefore, Social Services plans to use a phased delivery approach including multiple releases, beginning with Release 1 in February 2024. Further, Social Services is working on a revised timeline to complete each additional phase for the remaining releases.
Social Services should continue to develop and implement records retention procedures that define its requirements and processes to ensure that consistent records retention processes can be operationalized across business divisions to comply with applicable with laws and regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-066: Continue Developing Record Retention Requirements and Processes for Electronic Records
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-064; 2021-047; 2020-041; 2019-049; 2018-054
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: Contingency Planning
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Social Services continues to operate without an adequate data retention process that ensures consistent compliance with retention requirements for its case management system and adherence to federal regulations and the Code of Virginia. Specifically, Social Services does not have data retention policies and procedures that define its requirements and processes to consistently ensure data retention compliance and destruction. Social Services’ case management system stores several types of federal benefit program records with varying retention requirements supporting ten programs and services, such as Medicaid, TANF, and the Supplemental Nutrition Assistance Program (SNAP). Social Services’ case management system authorized over $17 billion in public assistance payments to beneficiaries from these federal programs during fiscal year 2023.
Since fiscal year 2019, Social Services gathered retention requirements from the business divisions that support the federal programs and services. In fiscal year 2022, Social Services finalized and documented policies with retention requirements for the data sets handled by each of the ten programs and services supported by its case management system. However, Social Services has not developed, documented, and implemented procedures and processes to operationalize the records retention policies for each of the programs and services to ensure consistent retention and destruction of records in compliance with regulations and laws.
Title 45 CFR § 155.1210, governs record retention for Medicaid and requires state agencies to maintain records for ten years. Additionally, the Virginia Public Records Act outlined in § 42.1-91 of the Code of Virginia makes an agency responsible for ensuring that it preserves, maintains, and makes accessible public records throughout their lifecycle, including converting and migrating electronic records as often as necessary so that information is not lost due to hardware, software, or media obsolescence or deterioration. Furthermore, the Virginia Public Records Act in § 42.1-86.1 of the Code of Virginia details requirements for the disposition of records including that records created after July 1, 2006, and authorized to be destroyed or discarded, must be discarded in a timely manner and in accordance with the provisions of Chapter 7 of the Virginia Public Records Act. Records that contain identifying information as defined by subsection C of § 18.2-186.3 of the Code of Virginia shall be destroyed within six months of the expiration of the records retention period. Finally, the Security Standard requires agencies to implement backup and restoration plans that address the retention of the data in accordance with the records retention policy for every IT system identified as sensitive relative to availability (Security Standard, Section CP-9-COV Information System Backup).
Without implementing records retention requirements, Social Services increases the risk of a data or privacy breach. Additionally, destroying documents that should be available for business processes or audit, or keeping data longer than stated, could expose Social Services to fines, penalties, or other legal consequences. Further, Social Services may not be able to ensure that backup and restoration efforts will provide mission essential information according to recovery times. Finally, Social Services spends additional resources to maintain, back up, and protect information that no longer serves a business purpose.
Social Services determined that the retention requirements for all ten programs and services supported by its case management system are not feasible as a single release due to the risk and complexity of the project, as well as changes to federal requirements, since its initial analysis. Therefore, Social Services plans to use a phased delivery approach including multiple releases, beginning with Release 1 in February 2024. Further, Social Services is working on a revised timeline to complete each additional phase for the remaining releases.
Social Services should continue to develop and implement records retention procedures that define its requirements and processes to ensure that consistent records retention processes can be operationalized across business divisions to comply with applicable with laws and regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-072: Continue to Ensure ITISP Suppliers Meet all Contractual Requirements
Applicable to: Virginia Information Technologies Agency
Prior Year Finding Number: 2022-100; 2021-023; 2020-070
Type of Finding: Internal Control
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Although VITA is monitoring and enforcing the contractual requirements each month, as of June 2023, there were still cases of Information Technology Infrastructure Services Program (ITISP) suppliers not meeting the minimum requirements. When ITISP suppliers do not meet all contractual requirements (e.g., key measures, critical service levels, deliverables, etc.), it impacts the ability of Commonwealth agencies that rely on the ITISP services to comply with the Commonwealth’s Information Security Standard, SEC 501 (Security Standard).
The Security Standard is a baseline for information security and risk management activities for Commonwealth agencies. Many agencies rely on services provided through ITISP suppliers to ensure compliance with the Security Standard. For example, the Security Standard requires the installation of security-relevant software updates within 90 days of release (Security Standard, Section SI-2 Flaw Remediation). Commonwealth agencies rely on the ITISP suppliers for the installation of security patches in systems that support agencies’ operations. Our audits at various agencies for fiscal year 2023 found critical and highly important security patches not installed within the 90-day Security Standard requirement. The systems missing critical security updates are at an increased risk of cyberattack, exploitation, and data breach by malicious parties.
During fiscal year 2023, VITA and the Multisource Service Integrator (MSI) continued to evaluate the current service level measurements to ensure they align with the Commonwealth’s needs. VITA and the MSI implemented changes to the service level related to security and vulnerability patching. The changes to this service level included establishing a Common Vulnerabilities and Exposures (CVE) threshold, which required that ITISP suppliers must install any patch with a CVE score above the threshold within 60 days. VITA excluded the revised service level related to security and vulnerability patching from the monthly monitoring process until June 2023 to allow the agency, the MSI, and the ITISP suppliers time to develop procedures and data standardizations to accurately monitor compliance with the service level. VITA should ensure that the CVE score threshold is sufficient to meet the Security Standard requirements and to mitigate the risk associated with the Commonwealth’s information, data, and security.
The Security Standard also requires agencies to review and analyze audit records at least every 30 days for indications of inappropriate or unusual activity (Security Standard, Section AU-6 Audit Review, Analysis, and Reporting). Our audits of various agencies for fiscal year 2023 found that agencies rely on ITISP suppliers to provide access to a centralized monitoring tool that collects audit log information about activities in the IT environment. Although the supplier was performing audit logging and monitoring, most agencies were unable to obtain access to the audit log information during fiscal year 2023, and thus, were not able to comply with the Security Standard requirements related to audit log monitoring. An inability for all agencies to review and monitor their individual audit logs, increases the risk associated with the Commonwealth’s data confidentiality, integrity and availability.
During fiscal year 2023, VITA continued to work with the managed security supplier to address the agencies’ inability to access the audit log information. The supplier continued to implement the managed detection and response platform with a small number of agencies piloting the platform in 2023. As of October 2023, the supplier has opened the platform to all Commonwealth agencies. VITA should continue to work with the supplier to ensure all agencies have access to the platform, and all necessary audit logs are available for agency review.
To ensure all agencies that rely on the ITISP services comply with the Security Standard, VITA should ensure suppliers meet all contractual requirements (e.g., key measures, critical service levels, deliverables, etc.). To aid in determining which requirements have Security Standard implications, VITA should crosswalk contractual requirements to the Security Standard. A crosswalk will help in identifying which requirements, if not met, could put an agency at risk, per the Security Standard. If VITA determines suppliers are not meeting any of these requirements, VITA should communicate with the affected agencies and provide guidance on what the agencies can do to comply with the Security Standard while the suppliers work to meet the requirements of the contract.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-072: Continue to Ensure ITISP Suppliers Meet all Contractual Requirements
Applicable to: Virginia Information Technologies Agency
Prior Year Finding Number: 2022-100; 2021-023; 2020-070
Type of Finding: Internal Control
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Although VITA is monitoring and enforcing the contractual requirements each month, as of June 2023, there were still cases of Information Technology Infrastructure Services Program (ITISP) suppliers not meeting the minimum requirements. When ITISP suppliers do not meet all contractual requirements (e.g., key measures, critical service levels, deliverables, etc.), it impacts the ability of Commonwealth agencies that rely on the ITISP services to comply with the Commonwealth’s Information Security Standard, SEC 501 (Security Standard).
The Security Standard is a baseline for information security and risk management activities for Commonwealth agencies. Many agencies rely on services provided through ITISP suppliers to ensure compliance with the Security Standard. For example, the Security Standard requires the installation of security-relevant software updates within 90 days of release (Security Standard, Section SI-2 Flaw Remediation). Commonwealth agencies rely on the ITISP suppliers for the installation of security patches in systems that support agencies’ operations. Our audits at various agencies for fiscal year 2023 found critical and highly important security patches not installed within the 90-day Security Standard requirement. The systems missing critical security updates are at an increased risk of cyberattack, exploitation, and data breach by malicious parties.
During fiscal year 2023, VITA and the Multisource Service Integrator (MSI) continued to evaluate the current service level measurements to ensure they align with the Commonwealth’s needs. VITA and the MSI implemented changes to the service level related to security and vulnerability patching. The changes to this service level included establishing a Common Vulnerabilities and Exposures (CVE) threshold, which required that ITISP suppliers must install any patch with a CVE score above the threshold within 60 days. VITA excluded the revised service level related to security and vulnerability patching from the monthly monitoring process until June 2023 to allow the agency, the MSI, and the ITISP suppliers time to develop procedures and data standardizations to accurately monitor compliance with the service level. VITA should ensure that the CVE score threshold is sufficient to meet the Security Standard requirements and to mitigate the risk associated with the Commonwealth’s information, data, and security.
The Security Standard also requires agencies to review and analyze audit records at least every 30 days for indications of inappropriate or unusual activity (Security Standard, Section AU-6 Audit Review, Analysis, and Reporting). Our audits of various agencies for fiscal year 2023 found that agencies rely on ITISP suppliers to provide access to a centralized monitoring tool that collects audit log information about activities in the IT environment. Although the supplier was performing audit logging and monitoring, most agencies were unable to obtain access to the audit log information during fiscal year 2023, and thus, were not able to comply with the Security Standard requirements related to audit log monitoring. An inability for all agencies to review and monitor their individual audit logs, increases the risk associated with the Commonwealth’s data confidentiality, integrity and availability.
During fiscal year 2023, VITA continued to work with the managed security supplier to address the agencies’ inability to access the audit log information. The supplier continued to implement the managed detection and response platform with a small number of agencies piloting the platform in 2023. As of October 2023, the supplier has opened the platform to all Commonwealth agencies. VITA should continue to work with the supplier to ensure all agencies have access to the platform, and all necessary audit logs are available for agency review.
To ensure all agencies that rely on the ITISP services comply with the Security Standard, VITA should ensure suppliers meet all contractual requirements (e.g., key measures, critical service levels, deliverables, etc.). To aid in determining which requirements have Security Standard implications, VITA should crosswalk contractual requirements to the Security Standard. A crosswalk will help in identifying which requirements, if not met, could put an agency at risk, per the Security Standard. If VITA determines suppliers are not meeting any of these requirements, VITA should communicate with the affected agencies and provide guidance on what the agencies can do to comply with the Security Standard while the suppliers work to meet the requirements of the contract.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-072: Continue to Ensure ITISP Suppliers Meet all Contractual Requirements
Applicable to: Virginia Information Technologies Agency
Prior Year Finding Number: 2022-100; 2021-023; 2020-070
Type of Finding: Internal Control
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Although VITA is monitoring and enforcing the contractual requirements each month, as of June 2023, there were still cases of Information Technology Infrastructure Services Program (ITISP) suppliers not meeting the minimum requirements. When ITISP suppliers do not meet all contractual requirements (e.g., key measures, critical service levels, deliverables, etc.), it impacts the ability of Commonwealth agencies that rely on the ITISP services to comply with the Commonwealth’s Information Security Standard, SEC 501 (Security Standard).
The Security Standard is a baseline for information security and risk management activities for Commonwealth agencies. Many agencies rely on services provided through ITISP suppliers to ensure compliance with the Security Standard. For example, the Security Standard requires the installation of security-relevant software updates within 90 days of release (Security Standard, Section SI-2 Flaw Remediation). Commonwealth agencies rely on the ITISP suppliers for the installation of security patches in systems that support agencies’ operations. Our audits at various agencies for fiscal year 2023 found critical and highly important security patches not installed within the 90-day Security Standard requirement. The systems missing critical security updates are at an increased risk of cyberattack, exploitation, and data breach by malicious parties.
During fiscal year 2023, VITA and the Multisource Service Integrator (MSI) continued to evaluate the current service level measurements to ensure they align with the Commonwealth’s needs. VITA and the MSI implemented changes to the service level related to security and vulnerability patching. The changes to this service level included establishing a Common Vulnerabilities and Exposures (CVE) threshold, which required that ITISP suppliers must install any patch with a CVE score above the threshold within 60 days. VITA excluded the revised service level related to security and vulnerability patching from the monthly monitoring process until June 2023 to allow the agency, the MSI, and the ITISP suppliers time to develop procedures and data standardizations to accurately monitor compliance with the service level. VITA should ensure that the CVE score threshold is sufficient to meet the Security Standard requirements and to mitigate the risk associated with the Commonwealth’s information, data, and security.
The Security Standard also requires agencies to review and analyze audit records at least every 30 days for indications of inappropriate or unusual activity (Security Standard, Section AU-6 Audit Review, Analysis, and Reporting). Our audits of various agencies for fiscal year 2023 found that agencies rely on ITISP suppliers to provide access to a centralized monitoring tool that collects audit log information about activities in the IT environment. Although the supplier was performing audit logging and monitoring, most agencies were unable to obtain access to the audit log information during fiscal year 2023, and thus, were not able to comply with the Security Standard requirements related to audit log monitoring. An inability for all agencies to review and monitor their individual audit logs, increases the risk associated with the Commonwealth’s data confidentiality, integrity and availability.
During fiscal year 2023, VITA continued to work with the managed security supplier to address the agencies’ inability to access the audit log information. The supplier continued to implement the managed detection and response platform with a small number of agencies piloting the platform in 2023. As of October 2023, the supplier has opened the platform to all Commonwealth agencies. VITA should continue to work with the supplier to ensure all agencies have access to the platform, and all necessary audit logs are available for agency review.
To ensure all agencies that rely on the ITISP services comply with the Security Standard, VITA should ensure suppliers meet all contractual requirements (e.g., key measures, critical service levels, deliverables, etc.). To aid in determining which requirements have Security Standard implications, VITA should crosswalk contractual requirements to the Security Standard. A crosswalk will help in identifying which requirements, if not met, could put an agency at risk, per the Security Standard. If VITA determines suppliers are not meeting any of these requirements, VITA should communicate with the affected agencies and provide guidance on what the agencies can do to comply with the Security Standard while the suppliers work to meet the requirements of the contract.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-085: Obtain, Review, and Document System and Organization Control Reports of Third-Party Service Providers
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-089; 2021-019
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(a)
Known Questioned Costs: $0
Social Services continues to not have sufficient internal controls over System and Organization Controls (SOC) reports of service providers. Social Services uses service providers to perform functions such as administering the Electronic Benefit Transfer (EBT) process for public assistance programs, processing public assistance program applications, and performing call center functions. SOC reports, specifically SOC 1, Type 2 reports, provide an independent description and evaluation of the operating effectiveness of service providers’ internal controls over financial processes and are a key tool in gaining an understanding of a service provider’s internal control environment and maintaining oversight over outsourced operations. Social Services did not obtain, review, or document its review of service provider SOC reports to identify deficiencies or determine whether the reports provided adequate coverage over operations during state fiscal year 2023.
The CAPP Manual Topic 10305 requires agencies to have adequate interaction with service providers to appropriately understand the service provider’s internal control environment. Agencies must also maintain oversight over service providers to gain assurance over outsourced operations. Additionally, Section 1.1 of the Security Standard states that agency heads remain accountable for maintaining compliance with the Security Standard for information technology equipment, systems, and services procured from service providers, and that agencies must enforce the compliance requirements through documented agreements and oversight of the services provided. Finally, 2 CFR § 200.303(a) requires non-federal entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Social Services shares responsibilities for reviewing SOC reports with VITA’s ECOS based on the type of SOC report. VITA obtains and reviews SOC 2 reports, which provide information on controls at service providers relevant to information system security, availability, processing integrity, and confidentiality or privacy. SOC 1 reports provide information on controls at the service providers relevant to Social Services’ internal control over financial reporting. Designated staff in Social Services programmatic areas, who the service provider’s services affect, should obtain and review SOC 1, Type 2 reports. Designated staff should communicate any complementary user entity controls to the Agency Risk Management and Internal Controls Standards (ARMICS) coordinator to ensure Social Services has properly designed and implemented the relevant controls. Additionally, designated staff should document their review of the SOC 1, Type 2 reports, noting if there were any deviations in controls, perform a review of the service provider management’s response to any exceptions noted, and document Social Services’ consideration of the significance of any deviations and their impact on Social Services’ operations.
Social Services did not assign responsibility to a resource within the agency, knowledgeable of SOC reporting requirements, to develop an agency-wide policy to communicate expectations related to obtaining, reviewing, and documenting SOC 1, Type 2 reports for agency personnel to use when carrying out their programmatic responsibilities. As a result, the individuals responsible for obtaining and reviewing SOC 1, Type 2 reports misunderstood the services provided by ECOS, as ECOS does not obtain or review SOC 1, Type 2 reports, and did not have clear expectations as to what should be considered during their review of SOC 1, Type 2 reports.
Without adequate policies and procedures over service providers’ operations, Social Services is unable to ensure its complementary user entity controls are sufficient to support their reliance on the service providers’ control design, implementation, and operating effectiveness. Additionally, Social Services is unable to address any internal control deficiencies and/or exceptions identified in the SOC reports. Social Services is increasing the risk that it will not detect a weakness in a service provider’s environment by not obtaining the necessary SOC reports timely or properly documenting its review of the reports.
Social Services should obtain, review, and document SOC 1, Type 2 reports for its service providers that significantly affect its financial activity. As part of its corrective action, Social Services should assign responsibility to a knowledgeable resource within the agency to develop an office-wide policy that other divisions can use when reviewing and documenting SOC reports. Policies and procedures should comply with the requirements outlined in the CAPP Manual and Security Standard and include, but not be limited to, the timeframes for obtaining SOC reports from the service provider, documentation requirements for user entity complementary controls, the steps needed to address internal control deficiencies and/or exceptions found in reviews, and the responsible staff for any corrective actions necessary to mitigate the risk to the Commonwealth until the service provider corrects the deficiency. After developing an agency-wide policy, Social Services should communicate it to all individuals responsible for overseeing service provider operations to ensure compliance with federal and state regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-085: Obtain, Review, and Document System and Organization Control Reports of Third-Party Service Providers
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-089; 2021-019
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(a)
Known Questioned Costs: $0
Social Services continues to not have sufficient internal controls over System and Organization Controls (SOC) reports of service providers. Social Services uses service providers to perform functions such as administering the Electronic Benefit Transfer (EBT) process for public assistance programs, processing public assistance program applications, and performing call center functions. SOC reports, specifically SOC 1, Type 2 reports, provide an independent description and evaluation of the operating effectiveness of service providers’ internal controls over financial processes and are a key tool in gaining an understanding of a service provider’s internal control environment and maintaining oversight over outsourced operations. Social Services did not obtain, review, or document its review of service provider SOC reports to identify deficiencies or determine whether the reports provided adequate coverage over operations during state fiscal year 2023.
The CAPP Manual Topic 10305 requires agencies to have adequate interaction with service providers to appropriately understand the service provider’s internal control environment. Agencies must also maintain oversight over service providers to gain assurance over outsourced operations. Additionally, Section 1.1 of the Security Standard states that agency heads remain accountable for maintaining compliance with the Security Standard for information technology equipment, systems, and services procured from service providers, and that agencies must enforce the compliance requirements through documented agreements and oversight of the services provided. Finally, 2 CFR § 200.303(a) requires non-federal entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Social Services shares responsibilities for reviewing SOC reports with VITA’s ECOS based on the type of SOC report. VITA obtains and reviews SOC 2 reports, which provide information on controls at service providers relevant to information system security, availability, processing integrity, and confidentiality or privacy. SOC 1 reports provide information on controls at the service providers relevant to Social Services’ internal control over financial reporting. Designated staff in Social Services programmatic areas, who the service provider’s services affect, should obtain and review SOC 1, Type 2 reports. Designated staff should communicate any complementary user entity controls to the Agency Risk Management and Internal Controls Standards (ARMICS) coordinator to ensure Social Services has properly designed and implemented the relevant controls. Additionally, designated staff should document their review of the SOC 1, Type 2 reports, noting if there were any deviations in controls, perform a review of the service provider management’s response to any exceptions noted, and document Social Services’ consideration of the significance of any deviations and their impact on Social Services’ operations.
Social Services did not assign responsibility to a resource within the agency, knowledgeable of SOC reporting requirements, to develop an agency-wide policy to communicate expectations related to obtaining, reviewing, and documenting SOC 1, Type 2 reports for agency personnel to use when carrying out their programmatic responsibilities. As a result, the individuals responsible for obtaining and reviewing SOC 1, Type 2 reports misunderstood the services provided by ECOS, as ECOS does not obtain or review SOC 1, Type 2 reports, and did not have clear expectations as to what should be considered during their review of SOC 1, Type 2 reports.
Without adequate policies and procedures over service providers’ operations, Social Services is unable to ensure its complementary user entity controls are sufficient to support their reliance on the service providers’ control design, implementation, and operating effectiveness. Additionally, Social Services is unable to address any internal control deficiencies and/or exceptions identified in the SOC reports. Social Services is increasing the risk that it will not detect a weakness in a service provider’s environment by not obtaining the necessary SOC reports timely or properly documenting its review of the reports.
Social Services should obtain, review, and document SOC 1, Type 2 reports for its service providers that significantly affect its financial activity. As part of its corrective action, Social Services should assign responsibility to a knowledgeable resource within the agency to develop an office-wide policy that other divisions can use when reviewing and documenting SOC reports. Policies and procedures should comply with the requirements outlined in the CAPP Manual and Security Standard and include, but not be limited to, the timeframes for obtaining SOC reports from the service provider, documentation requirements for user entity complementary controls, the steps needed to address internal control deficiencies and/or exceptions found in reviews, and the responsible staff for any corrective actions necessary to mitigate the risk to the Commonwealth until the service provider corrects the deficiency. After developing an agency-wide policy, Social Services should communicate it to all individuals responsible for overseeing service provider operations to ensure compliance with federal and state regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-085: Obtain, Review, and Document System and Organization Control Reports of Third-Party Service Providers
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-089; 2021-019
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(a)
Known Questioned Costs: $0
Social Services continues to not have sufficient internal controls over System and Organization Controls (SOC) reports of service providers. Social Services uses service providers to perform functions such as administering the Electronic Benefit Transfer (EBT) process for public assistance programs, processing public assistance program applications, and performing call center functions. SOC reports, specifically SOC 1, Type 2 reports, provide an independent description and evaluation of the operating effectiveness of service providers’ internal controls over financial processes and are a key tool in gaining an understanding of a service provider’s internal control environment and maintaining oversight over outsourced operations. Social Services did not obtain, review, or document its review of service provider SOC reports to identify deficiencies or determine whether the reports provided adequate coverage over operations during state fiscal year 2023.
The CAPP Manual Topic 10305 requires agencies to have adequate interaction with service providers to appropriately understand the service provider’s internal control environment. Agencies must also maintain oversight over service providers to gain assurance over outsourced operations. Additionally, Section 1.1 of the Security Standard states that agency heads remain accountable for maintaining compliance with the Security Standard for information technology equipment, systems, and services procured from service providers, and that agencies must enforce the compliance requirements through documented agreements and oversight of the services provided. Finally, 2 CFR § 200.303(a) requires non-federal entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Social Services shares responsibilities for reviewing SOC reports with VITA’s ECOS based on the type of SOC report. VITA obtains and reviews SOC 2 reports, which provide information on controls at service providers relevant to information system security, availability, processing integrity, and confidentiality or privacy. SOC 1 reports provide information on controls at the service providers relevant to Social Services’ internal control over financial reporting. Designated staff in Social Services programmatic areas, who the service provider’s services affect, should obtain and review SOC 1, Type 2 reports. Designated staff should communicate any complementary user entity controls to the Agency Risk Management and Internal Controls Standards (ARMICS) coordinator to ensure Social Services has properly designed and implemented the relevant controls. Additionally, designated staff should document their review of the SOC 1, Type 2 reports, noting if there were any deviations in controls, perform a review of the service provider management’s response to any exceptions noted, and document Social Services’ consideration of the significance of any deviations and their impact on Social Services’ operations.
Social Services did not assign responsibility to a resource within the agency, knowledgeable of SOC reporting requirements, to develop an agency-wide policy to communicate expectations related to obtaining, reviewing, and documenting SOC 1, Type 2 reports for agency personnel to use when carrying out their programmatic responsibilities. As a result, the individuals responsible for obtaining and reviewing SOC 1, Type 2 reports misunderstood the services provided by ECOS, as ECOS does not obtain or review SOC 1, Type 2 reports, and did not have clear expectations as to what should be considered during their review of SOC 1, Type 2 reports.
Without adequate policies and procedures over service providers’ operations, Social Services is unable to ensure its complementary user entity controls are sufficient to support their reliance on the service providers’ control design, implementation, and operating effectiveness. Additionally, Social Services is unable to address any internal control deficiencies and/or exceptions identified in the SOC reports. Social Services is increasing the risk that it will not detect a weakness in a service provider’s environment by not obtaining the necessary SOC reports timely or properly documenting its review of the reports.
Social Services should obtain, review, and document SOC 1, Type 2 reports for its service providers that significantly affect its financial activity. As part of its corrective action, Social Services should assign responsibility to a knowledgeable resource within the agency to develop an office-wide policy that other divisions can use when reviewing and documenting SOC reports. Policies and procedures should comply with the requirements outlined in the CAPP Manual and Security Standard and include, but not be limited to, the timeframes for obtaining SOC reports from the service provider, documentation requirements for user entity complementary controls, the steps needed to address internal control deficiencies and/or exceptions found in reviews, and the responsible staff for any corrective actions necessary to mitigate the risk to the Commonwealth until the service provider corrects the deficiency. After developing an agency-wide policy, Social Services should communicate it to all individuals responsible for overseeing service provider operations to ensure compliance with federal and state regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-086: Improve Third-Party Oversight Process
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: 2022-090
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services has made progress to document and implement a formal process for maintaining oversight for three of its IT third-party service providers that manage and support the Medicaid management system. However, Medical Assistance Services continues to not verify that one of its three service providers performs two controls as required by the Hosted Environment Security Standard. We communicated the two weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia due to it containing descriptions of security mechanisms.
VITA’s Enterprise Cloud Oversight Service (ECOS) confirms the two controls as part of its service for two of the three service providers; however, ECOS does not review the third service provider, and it is Medical Assistance Services’ responsibility to verify the provider performs the required controls. Medical Assistance Services did not ensure the individuals responsible for monitoring the service providers are confirming these specific controls and processes within the required timeframe. Without maintaining appropriate oversight of its service providers, Medical Assistance Services cannot validate whether its service providers implement the required security controls to protect the agency’s sensitive and mission-critical data.
Medical Assistance Services should improve its process by ensuring individuals tasked with monitoring service providers confirm the controls per the Hosted Environment Security Standard. Medical Assistance Services should ensure the individuals responsible for monitoring service providers implement and consistently perform formal oversight processes in a timely manner, which will help maintain the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-086: Improve Third-Party Oversight Process
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: 2022-090
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services has made progress to document and implement a formal process for maintaining oversight for three of its IT third-party service providers that manage and support the Medicaid management system. However, Medical Assistance Services continues to not verify that one of its three service providers performs two controls as required by the Hosted Environment Security Standard. We communicated the two weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia due to it containing descriptions of security mechanisms.
VITA’s Enterprise Cloud Oversight Service (ECOS) confirms the two controls as part of its service for two of the three service providers; however, ECOS does not review the third service provider, and it is Medical Assistance Services’ responsibility to verify the provider performs the required controls. Medical Assistance Services did not ensure the individuals responsible for monitoring the service providers are confirming these specific controls and processes within the required timeframe. Without maintaining appropriate oversight of its service providers, Medical Assistance Services cannot validate whether its service providers implement the required security controls to protect the agency’s sensitive and mission-critical data.
Medical Assistance Services should improve its process by ensuring individuals tasked with monitoring service providers confirm the controls per the Hosted Environment Security Standard. Medical Assistance Services should ensure the individuals responsible for monitoring service providers implement and consistently perform formal oversight processes in a timely manner, which will help maintain the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-086: Improve Third-Party Oversight Process
Applicable to: Department of Medical Assistance Services
Prior Year Finding Number: 2022-090
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Other - 2 CFR § 200.303(e)
Known Questioned Costs: $0
Medical Assistance Services has made progress to document and implement a formal process for maintaining oversight for three of its IT third-party service providers that manage and support the Medicaid management system. However, Medical Assistance Services continues to not verify that one of its three service providers performs two controls as required by the Hosted Environment Security Standard. We communicated the two weaknesses to management in a separate document marked FOIAE under § 2.2-3705.2 of the Code of Virginia due to it containing descriptions of security mechanisms.
VITA’s Enterprise Cloud Oversight Service (ECOS) confirms the two controls as part of its service for two of the three service providers; however, ECOS does not review the third service provider, and it is Medical Assistance Services’ responsibility to verify the provider performs the required controls. Medical Assistance Services did not ensure the individuals responsible for monitoring the service providers are confirming these specific controls and processes within the required timeframe. Without maintaining appropriate oversight of its service providers, Medical Assistance Services cannot validate whether its service providers implement the required security controls to protect the agency’s sensitive and mission-critical data.
Medical Assistance Services should improve its process by ensuring individuals tasked with monitoring service providers confirm the controls per the Hosted Environment Security Standard. Medical Assistance Services should ensure the individuals responsible for monitoring service providers implement and consistently perform formal oversight processes in a timely manner, which will help maintain the confidentiality, integrity, and availability of sensitive and mission-critical data.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-093: Monitor Internal Procedures to Ensure Compliance with the Conflict of Interests Act
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-097; 2021-060
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Procurement and Suspension and Debarment - 2 CFR § 200.317
Known Questioned Costs: $0
Human Resources is not monitoring compliance with its internal procedures to ensure individuals in positions of trust file the required Statement of Economic Interests (SOEI) disclosure form and complete the orientation training in accordance with the Code of Virginia. As part of its corrective action efforts, Human Resources is taking the following steps to ensure that it complies with Virginia’s State and Local Government Conflict of Interests Act (COIA) and its internal procedures:
Human Resources transitioned conflict of interests related processes to its Compliance unit in January 2023.
Human Resources is updating the field used in the Commonwealth’s human resources and payroll management system to identify positions of trust for newly added or removed positions.
Social Services’ Conflict of Interests Coordinator is working with division directors to review conflict of interest criteria and identify positions by title and responsibility that require compliance with the COIA.
Social Services’ Conflict of Interests Coordinator is reviewing Social Services’ new hire/transfer report two times a month to identify newly created or re-established positions that may not have been captured with the correct conflict of interest status.
Social Services’ Conflict of Interests Coordinator is reviewing conflict of interest training records for all identified positions, employees, and board members. Any employee or board member who is not in compliance with conflict of interests training requirements will be asked to complete the required training and completion dates will be monitored and tracked in a conflict of interests tracking spreadsheet. Social Services’ Conflict of Interests Coordinator will review the conflict of interests tracking spreadsheet twice monthly and contact employees and board members whose training is nearing expiration.
Section 2.2-3114 and § 2.2-3118.2 of the Code of Virginia state that persons occupying positions of trust within state government or non-salaried citizen members of policy and supervisory boards shall file a disclosure statement with the Commonwealth’s Ethics Advisory Council of their personal interests, and such other information as is required on the form, on or before the day such office or position of employment is assumed, and thereafter shall file such a statement annually on or before February 1. Further, the § 2.2-3130 of the Code of Virginia states orientation training is required to be completed by filers within two months of their hire or appointment and at least once during each consecutive period of two calendar years. Finally, the Virginia Public Procurement Act requires state agencies to adopt the provisions of the COIA to promote ethics in public contracting and 2 CFR § 200.317 requires states to follow their procurement policies and procedures when procuring property and services with federal funds.
Because of the extent of its corrective actions, Human Resources was not able to complete its corrective actions as of the end of fiscal year 2023. Human Resources plans to complete its corrective action efforts by April 1, 2024. Without appropriately monitoring individuals in positions of trust, Social Services cannot assure itself that it is fully compliant with the provisions in the COIA. In effect, Social Services could be susceptible to actual or perceived conflicts of interests and may be limited in its ability to hold employees accountable. These actions could potentially lead to a violation of state or federal laws or regulations. Therefore, Human Resources should continue its corrective action efforts to ensure that it complies with the provisions of the COIA.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-093: Monitor Internal Procedures to Ensure Compliance with the Conflict of Interests Act
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-097; 2021-060
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Procurement and Suspension and Debarment - 2 CFR § 200.317
Known Questioned Costs: $0
Human Resources is not monitoring compliance with its internal procedures to ensure individuals in positions of trust file the required Statement of Economic Interests (SOEI) disclosure form and complete the orientation training in accordance with the Code of Virginia. As part of its corrective action efforts, Human Resources is taking the following steps to ensure that it complies with Virginia’s State and Local Government Conflict of Interests Act (COIA) and its internal procedures:
Human Resources transitioned conflict of interests related processes to its Compliance unit in January 2023.
Human Resources is updating the field used in the Commonwealth’s human resources and payroll management system to identify positions of trust for newly added or removed positions.
Social Services’ Conflict of Interests Coordinator is working with division directors to review conflict of interest criteria and identify positions by title and responsibility that require compliance with the COIA.
Social Services’ Conflict of Interests Coordinator is reviewing Social Services’ new hire/transfer report two times a month to identify newly created or re-established positions that may not have been captured with the correct conflict of interest status.
Social Services’ Conflict of Interests Coordinator is reviewing conflict of interest training records for all identified positions, employees, and board members. Any employee or board member who is not in compliance with conflict of interests training requirements will be asked to complete the required training and completion dates will be monitored and tracked in a conflict of interests tracking spreadsheet. Social Services’ Conflict of Interests Coordinator will review the conflict of interests tracking spreadsheet twice monthly and contact employees and board members whose training is nearing expiration.
Section 2.2-3114 and § 2.2-3118.2 of the Code of Virginia state that persons occupying positions of trust within state government or non-salaried citizen members of policy and supervisory boards shall file a disclosure statement with the Commonwealth’s Ethics Advisory Council of their personal interests, and such other information as is required on the form, on or before the day such office or position of employment is assumed, and thereafter shall file such a statement annually on or before February 1. Further, the § 2.2-3130 of the Code of Virginia states orientation training is required to be completed by filers within two months of their hire or appointment and at least once during each consecutive period of two calendar years. Finally, the Virginia Public Procurement Act requires state agencies to adopt the provisions of the COIA to promote ethics in public contracting and 2 CFR § 200.317 requires states to follow their procurement policies and procedures when procuring property and services with federal funds.
Because of the extent of its corrective actions, Human Resources was not able to complete its corrective actions as of the end of fiscal year 2023. Human Resources plans to complete its corrective action efforts by April 1, 2024. Without appropriately monitoring individuals in positions of trust, Social Services cannot assure itself that it is fully compliant with the provisions in the COIA. In effect, Social Services could be susceptible to actual or perceived conflicts of interests and may be limited in its ability to hold employees accountable. These actions could potentially lead to a violation of state or federal laws or regulations. Therefore, Human Resources should continue its corrective action efforts to ensure that it complies with the provisions of the COIA.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-093: Monitor Internal Procedures to Ensure Compliance with the Conflict of Interests Act
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-097; 2021-060
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Procurement and Suspension and Debarment - 2 CFR § 200.317
Known Questioned Costs: $0
Human Resources is not monitoring compliance with its internal procedures to ensure individuals in positions of trust file the required Statement of Economic Interests (SOEI) disclosure form and complete the orientation training in accordance with the Code of Virginia. As part of its corrective action efforts, Human Resources is taking the following steps to ensure that it complies with Virginia’s State and Local Government Conflict of Interests Act (COIA) and its internal procedures:
Human Resources transitioned conflict of interests related processes to its Compliance unit in January 2023.
Human Resources is updating the field used in the Commonwealth’s human resources and payroll management system to identify positions of trust for newly added or removed positions.
Social Services’ Conflict of Interests Coordinator is working with division directors to review conflict of interest criteria and identify positions by title and responsibility that require compliance with the COIA.
Social Services’ Conflict of Interests Coordinator is reviewing Social Services’ new hire/transfer report two times a month to identify newly created or re-established positions that may not have been captured with the correct conflict of interest status.
Social Services’ Conflict of Interests Coordinator is reviewing conflict of interest training records for all identified positions, employees, and board members. Any employee or board member who is not in compliance with conflict of interests training requirements will be asked to complete the required training and completion dates will be monitored and tracked in a conflict of interests tracking spreadsheet. Social Services’ Conflict of Interests Coordinator will review the conflict of interests tracking spreadsheet twice monthly and contact employees and board members whose training is nearing expiration.
Section 2.2-3114 and § 2.2-3118.2 of the Code of Virginia state that persons occupying positions of trust within state government or non-salaried citizen members of policy and supervisory boards shall file a disclosure statement with the Commonwealth’s Ethics Advisory Council of their personal interests, and such other information as is required on the form, on or before the day such office or position of employment is assumed, and thereafter shall file such a statement annually on or before February 1. Further, the § 2.2-3130 of the Code of Virginia states orientation training is required to be completed by filers within two months of their hire or appointment and at least once during each consecutive period of two calendar years. Finally, the Virginia Public Procurement Act requires state agencies to adopt the provisions of the COIA to promote ethics in public contracting and 2 CFR § 200.317 requires states to follow their procurement policies and procedures when procuring property and services with federal funds.
Because of the extent of its corrective actions, Human Resources was not able to complete its corrective actions as of the end of fiscal year 2023. Human Resources plans to complete its corrective action efforts by April 1, 2024. Without appropriately monitoring individuals in positions of trust, Social Services cannot assure itself that it is fully compliant with the provisions in the COIA. In effect, Social Services could be susceptible to actual or perceived conflicts of interests and may be limited in its ability to hold employees accountable. These actions could potentially lead to a violation of state or federal laws or regulations. Therefore, Human Resources should continue its corrective action efforts to ensure that it complies with the provisions of the COIA.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory
Applicable to: University of Virginia-Academic Division
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia
Federal Award Number and Year: Various - 2023
Name of Federal Agency: Various
Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2)
Known Questioned Costs: $0
The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023.
Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years.
Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-097: Perform Responsibilities Outlined in the Agency Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-011; 2021-070; 2020-074; 2019-090; 2018-093
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.303(a); 2 CFR § 200.332
Known Questioned Costs: $0
Social Services’ Compliance Division (Compliance) continues to not adhere to its established approach to oversee the agency’s subrecipient monitoring activities, as outlined in its Agency Monitoring Plan. According to Social Services’ Organizational Structure Report, Compliance is responsible for agency-wide compliance and risk mitigation that helps to ensure adherence to state and federal legal and regulatory standards, including subrecipient monitoring. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds through roughly 5,400 subawards from 35 federal grant programs. During the audit, we noted the following deviations from the Agency Monitoring Plan:
While Compliance has updated and finalized the Agency Monitoring Plan, it has not communicated it to Subrecipient Monitoring Coordinators in divisions with subrecipient monitoring responsibilities. Because of the lack of communication, there were deviations from the Agency Monitoring Plan at the division level. For example, the Agency Monitoring Plan requires each division to monitor subrecipients once every three years. However, the Local Review Team did not consider this requirement because Compliance did not communicate the Agency Monitoring Plan to Subrecipient Monitoring Coordinators. The Local Review Team did, however, implement a risk-based approach to monitoring subrecipients as required by the Agency Monitoring Plan.
Compliance continues to not review division monitoring plans to ensure the divisions implement a risk-based approach for monitoring subrecipients. The Agency Monitoring Plan states that Compliance will use a Monitoring Plan Checklist to evaluate and determine if all the required elements for subrecipient monitoring are present in each division’s plan. Because of the lack of review, the Division of Benefit Programs’ (Benefit Programs) fiscal year 2023 monitoring plan did not meet all the requirements outlined in the Agency Monitoring Plan because it did not include a risk-based approach for subrecipient monitoring and did not consider all subrecipients who receive funding from the Temporary Assistance for Needy Families (TANF) federal grant program. Additionally, while the Office of New Americans has adequate subrecipient monitoring processes, it does not have a written monitoring plan as required by the Agency Monitoring Plan.
Compliance continues to not analyze each division’s subrecipient monitoring activities. As a result, Compliance has not produced quarterly reports of variances and noncompliance to brief Social Services’ Executive Team on the agency’s subrecipient monitoring activities. Because of Compliance’s lack of analysis and communication, the Executive Team was unaware of the deviations noted above.
Title 2 CFR § 200.303(a) requires pass-through entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award. Without performing the responsibilities in the Agency Monitoring Plan, Social Services cannot provide reasonable assurance that the agency has complied with pass-through entity federal requirements at 2 CFR § 200.332. Because of the scope of this matter and the magnitude of Social Services’ subrecipient monitoring responsibilities, we consider these weaknesses collectively to create a material weakness in internal control over compliance.
Since the prior audit, Compliance and Social Services’ Executive Team have worked together to discuss solutions to address this audit finding. Social Services is considering procuring a grants management system and Compliance has worked with the agency’s Division of Information Technology to determine whether it can utilize this system to fulfil its subrecipient monitoring responsibilities. Compliance has also discussed the need for additional staff to assist with subrecipient monitoring oversight with the Executive Team. However, Compliance has not implemented these corrective actions as of the end of fiscal year 2023 because of the level of effort and considerations involved with these corrective actions. Therefore, Compliance should continue to work with the Executive Team to make sure that it has the appropriate level of resources to fulfil its responsibilities in the Agency Monitoring Plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-097: Perform Responsibilities Outlined in the Agency Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-011; 2021-070; 2020-074; 2019-090; 2018-093
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.303(a); 2 CFR § 200.332
Known Questioned Costs: $0
Social Services’ Compliance Division (Compliance) continues to not adhere to its established approach to oversee the agency’s subrecipient monitoring activities, as outlined in its Agency Monitoring Plan. According to Social Services’ Organizational Structure Report, Compliance is responsible for agency-wide compliance and risk mitigation that helps to ensure adherence to state and federal legal and regulatory standards, including subrecipient monitoring. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds through roughly 5,400 subawards from 35 federal grant programs. During the audit, we noted the following deviations from the Agency Monitoring Plan:
While Compliance has updated and finalized the Agency Monitoring Plan, it has not communicated it to Subrecipient Monitoring Coordinators in divisions with subrecipient monitoring responsibilities. Because of the lack of communication, there were deviations from the Agency Monitoring Plan at the division level. For example, the Agency Monitoring Plan requires each division to monitor subrecipients once every three years. However, the Local Review Team did not consider this requirement because Compliance did not communicate the Agency Monitoring Plan to Subrecipient Monitoring Coordinators. The Local Review Team did, however, implement a risk-based approach to monitoring subrecipients as required by the Agency Monitoring Plan.
Compliance continues to not review division monitoring plans to ensure the divisions implement a risk-based approach for monitoring subrecipients. The Agency Monitoring Plan states that Compliance will use a Monitoring Plan Checklist to evaluate and determine if all the required elements for subrecipient monitoring are present in each division’s plan. Because of the lack of review, the Division of Benefit Programs’ (Benefit Programs) fiscal year 2023 monitoring plan did not meet all the requirements outlined in the Agency Monitoring Plan because it did not include a risk-based approach for subrecipient monitoring and did not consider all subrecipients who receive funding from the Temporary Assistance for Needy Families (TANF) federal grant program. Additionally, while the Office of New Americans has adequate subrecipient monitoring processes, it does not have a written monitoring plan as required by the Agency Monitoring Plan.
Compliance continues to not analyze each division’s subrecipient monitoring activities. As a result, Compliance has not produced quarterly reports of variances and noncompliance to brief Social Services’ Executive Team on the agency’s subrecipient monitoring activities. Because of Compliance’s lack of analysis and communication, the Executive Team was unaware of the deviations noted above.
Title 2 CFR § 200.303(a) requires pass-through entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award. Without performing the responsibilities in the Agency Monitoring Plan, Social Services cannot provide reasonable assurance that the agency has complied with pass-through entity federal requirements at 2 CFR § 200.332. Because of the scope of this matter and the magnitude of Social Services’ subrecipient monitoring responsibilities, we consider these weaknesses collectively to create a material weakness in internal control over compliance.
Since the prior audit, Compliance and Social Services’ Executive Team have worked together to discuss solutions to address this audit finding. Social Services is considering procuring a grants management system and Compliance has worked with the agency’s Division of Information Technology to determine whether it can utilize this system to fulfil its subrecipient monitoring responsibilities. Compliance has also discussed the need for additional staff to assist with subrecipient monitoring oversight with the Executive Team. However, Compliance has not implemented these corrective actions as of the end of fiscal year 2023 because of the level of effort and considerations involved with these corrective actions. Therefore, Compliance should continue to work with the Executive Team to make sure that it has the appropriate level of resources to fulfil its responsibilities in the Agency Monitoring Plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-097: Perform Responsibilities Outlined in the Agency Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-011; 2021-070; 2020-074; 2019-090; 2018-093
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.303(a); 2 CFR § 200.332
Known Questioned Costs: $0
Social Services’ Compliance Division (Compliance) continues to not adhere to its established approach to oversee the agency’s subrecipient monitoring activities, as outlined in its Agency Monitoring Plan. According to Social Services’ Organizational Structure Report, Compliance is responsible for agency-wide compliance and risk mitigation that helps to ensure adherence to state and federal legal and regulatory standards, including subrecipient monitoring. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds through roughly 5,400 subawards from 35 federal grant programs. During the audit, we noted the following deviations from the Agency Monitoring Plan:
While Compliance has updated and finalized the Agency Monitoring Plan, it has not communicated it to Subrecipient Monitoring Coordinators in divisions with subrecipient monitoring responsibilities. Because of the lack of communication, there were deviations from the Agency Monitoring Plan at the division level. For example, the Agency Monitoring Plan requires each division to monitor subrecipients once every three years. However, the Local Review Team did not consider this requirement because Compliance did not communicate the Agency Monitoring Plan to Subrecipient Monitoring Coordinators. The Local Review Team did, however, implement a risk-based approach to monitoring subrecipients as required by the Agency Monitoring Plan.
Compliance continues to not review division monitoring plans to ensure the divisions implement a risk-based approach for monitoring subrecipients. The Agency Monitoring Plan states that Compliance will use a Monitoring Plan Checklist to evaluate and determine if all the required elements for subrecipient monitoring are present in each division’s plan. Because of the lack of review, the Division of Benefit Programs’ (Benefit Programs) fiscal year 2023 monitoring plan did not meet all the requirements outlined in the Agency Monitoring Plan because it did not include a risk-based approach for subrecipient monitoring and did not consider all subrecipients who receive funding from the Temporary Assistance for Needy Families (TANF) federal grant program. Additionally, while the Office of New Americans has adequate subrecipient monitoring processes, it does not have a written monitoring plan as required by the Agency Monitoring Plan.
Compliance continues to not analyze each division’s subrecipient monitoring activities. As a result, Compliance has not produced quarterly reports of variances and noncompliance to brief Social Services’ Executive Team on the agency’s subrecipient monitoring activities. Because of Compliance’s lack of analysis and communication, the Executive Team was unaware of the deviations noted above.
Title 2 CFR § 200.303(a) requires pass-through entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award. Without performing the responsibilities in the Agency Monitoring Plan, Social Services cannot provide reasonable assurance that the agency has complied with pass-through entity federal requirements at 2 CFR § 200.332. Because of the scope of this matter and the magnitude of Social Services’ subrecipient monitoring responsibilities, we consider these weaknesses collectively to create a material weakness in internal control over compliance.
Since the prior audit, Compliance and Social Services’ Executive Team have worked together to discuss solutions to address this audit finding. Social Services is considering procuring a grants management system and Compliance has worked with the agency’s Division of Information Technology to determine whether it can utilize this system to fulfil its subrecipient monitoring responsibilities. Compliance has also discussed the need for additional staff to assist with subrecipient monitoring oversight with the Executive Team. However, Compliance has not implemented these corrective actions as of the end of fiscal year 2023 because of the level of effort and considerations involved with these corrective actions. Therefore, Compliance should continue to work with the Executive Team to make sure that it has the appropriate level of resources to fulfil its responsibilities in the Agency Monitoring Plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-098: Review Non-Locality Subrecipient Single Audit Reports
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-013; 2021-072; 2020-075; 2019-091; 2018-092
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)(3); 2 CFR § 200.332(f)
Known Questioned Costs: $0
Compliance continues to not review non-locality subrecipient Single Audit reports as established within the Agency Monitoring Plan. Non-locality subrecipients are subrecipients who are not local governments and are mainly comprised of non-profit organizations. During fiscal year 2023, Social Services disbursed approximately $87 million in federal funds to roughly 205 non-locality subrecipients. While reviewing the audit reports for the 26 non-locality subrecipients that received more than $750,000 in federal funds from Social Services, we noted the following:
Seven non-locality subrecipients (27%) did not have a Single Audit report available in the Federal Audit Clearinghouse (Clearinghouse) for the most recent audit period. Social Services disbursed approximately $10 million in federal funds to these entities during fiscal year 2023.
A non-locality subrecipient (4%) had audit findings that affected one of Social Services’ federal grant programs. As a result of the lack of review over the non-locality subrecipient’s Single Audit report, Social Services did not issue a management decision within six months of acceptance of the audit report by the Clearinghouse.
According to 2 CFR § 200.332(f), all pass-through entities must verify their subrecipients are audited if it is expected that the subrecipient’s federal awards expended during the respective fiscal year equaled or exceeded $750,000. Additionally, 2 CFR § 200.332(d)(3) requires pass-through entities to issue a management decision within six months of acceptance of the audit report by the Clearinghouse. A management decision is Social Services’ written determination, provided to its subrecipient, of the adequacy of the subrecipient’s proposed corrective actions to address the audit findings, based on Social Services’ evaluation of the audit findings and proposed corrective actions.
Without verifying whether non-locality subrecipients received a Single Audit, Compliance is unable to provide assurance that Social Services is meeting the audit requirements set forth in 2 CFR § 200.332(d)(3) and (f). Additionally, Compliance cannot provide Social Services with assurance that its subrecipient monitoring efforts are adequate without reviewing non-locality Single Audit reports.
In its corrective action plan as of the end of fiscal year 2023, Compliance indicated that it has worked with Social Services’ Executive Team to put forth a budget request to procure a grants management system to assist with its subrecipient monitoring efforts. Additionally, Compliance is considering implementing a manual system where it will review non-locality Single Audit reports until it implements a permanent solution. However, Compliance was unable to procure a grants management system to support its subrecipient monitoring efforts during the fiscal year and it did not implement a manual system to comply with the requirements in 2 CFR § 200.332(d)(3) and (f) because of a lack of available resources.
Compliance should continue to work with Social Services’ Executive Team to determine which solution(s) would be the most beneficial to the organization to comply with these federal requirements. Additionally, Compliance should consider using the query functionalities in the Clearinghouse to determine whether any of its non-locality subrecipients have audit findings that warrant a management decision.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-098: Review Non-Locality Subrecipient Single Audit Reports
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-013; 2021-072; 2020-075; 2019-091; 2018-092
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)(3); 2 CFR § 200.332(f)
Known Questioned Costs: $0
Compliance continues to not review non-locality subrecipient Single Audit reports as established within the Agency Monitoring Plan. Non-locality subrecipients are subrecipients who are not local governments and are mainly comprised of non-profit organizations. During fiscal year 2023, Social Services disbursed approximately $87 million in federal funds to roughly 205 non-locality subrecipients. While reviewing the audit reports for the 26 non-locality subrecipients that received more than $750,000 in federal funds from Social Services, we noted the following:
Seven non-locality subrecipients (27%) did not have a Single Audit report available in the Federal Audit Clearinghouse (Clearinghouse) for the most recent audit period. Social Services disbursed approximately $10 million in federal funds to these entities during fiscal year 2023.
A non-locality subrecipient (4%) had audit findings that affected one of Social Services’ federal grant programs. As a result of the lack of review over the non-locality subrecipient’s Single Audit report, Social Services did not issue a management decision within six months of acceptance of the audit report by the Clearinghouse.
According to 2 CFR § 200.332(f), all pass-through entities must verify their subrecipients are audited if it is expected that the subrecipient’s federal awards expended during the respective fiscal year equaled or exceeded $750,000. Additionally, 2 CFR § 200.332(d)(3) requires pass-through entities to issue a management decision within six months of acceptance of the audit report by the Clearinghouse. A management decision is Social Services’ written determination, provided to its subrecipient, of the adequacy of the subrecipient’s proposed corrective actions to address the audit findings, based on Social Services’ evaluation of the audit findings and proposed corrective actions.
Without verifying whether non-locality subrecipients received a Single Audit, Compliance is unable to provide assurance that Social Services is meeting the audit requirements set forth in 2 CFR § 200.332(d)(3) and (f). Additionally, Compliance cannot provide Social Services with assurance that its subrecipient monitoring efforts are adequate without reviewing non-locality Single Audit reports.
In its corrective action plan as of the end of fiscal year 2023, Compliance indicated that it has worked with Social Services’ Executive Team to put forth a budget request to procure a grants management system to assist with its subrecipient monitoring efforts. Additionally, Compliance is considering implementing a manual system where it will review non-locality Single Audit reports until it implements a permanent solution. However, Compliance was unable to procure a grants management system to support its subrecipient monitoring efforts during the fiscal year and it did not implement a manual system to comply with the requirements in 2 CFR § 200.332(d)(3) and (f) because of a lack of available resources.
Compliance should continue to work with Social Services’ Executive Team to determine which solution(s) would be the most beneficial to the organization to comply with these federal requirements. Additionally, Compliance should consider using the query functionalities in the Clearinghouse to determine whether any of its non-locality subrecipients have audit findings that warrant a management decision.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-098: Review Non-Locality Subrecipient Single Audit Reports
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-013; 2021-072; 2020-075; 2019-091; 2018-092
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)(3); 2 CFR § 200.332(f)
Known Questioned Costs: $0
Compliance continues to not review non-locality subrecipient Single Audit reports as established within the Agency Monitoring Plan. Non-locality subrecipients are subrecipients who are not local governments and are mainly comprised of non-profit organizations. During fiscal year 2023, Social Services disbursed approximately $87 million in federal funds to roughly 205 non-locality subrecipients. While reviewing the audit reports for the 26 non-locality subrecipients that received more than $750,000 in federal funds from Social Services, we noted the following:
Seven non-locality subrecipients (27%) did not have a Single Audit report available in the Federal Audit Clearinghouse (Clearinghouse) for the most recent audit period. Social Services disbursed approximately $10 million in federal funds to these entities during fiscal year 2023.
A non-locality subrecipient (4%) had audit findings that affected one of Social Services’ federal grant programs. As a result of the lack of review over the non-locality subrecipient’s Single Audit report, Social Services did not issue a management decision within six months of acceptance of the audit report by the Clearinghouse.
According to 2 CFR § 200.332(f), all pass-through entities must verify their subrecipients are audited if it is expected that the subrecipient’s federal awards expended during the respective fiscal year equaled or exceeded $750,000. Additionally, 2 CFR § 200.332(d)(3) requires pass-through entities to issue a management decision within six months of acceptance of the audit report by the Clearinghouse. A management decision is Social Services’ written determination, provided to its subrecipient, of the adequacy of the subrecipient’s proposed corrective actions to address the audit findings, based on Social Services’ evaluation of the audit findings and proposed corrective actions.
Without verifying whether non-locality subrecipients received a Single Audit, Compliance is unable to provide assurance that Social Services is meeting the audit requirements set forth in 2 CFR § 200.332(d)(3) and (f). Additionally, Compliance cannot provide Social Services with assurance that its subrecipient monitoring efforts are adequate without reviewing non-locality Single Audit reports.
In its corrective action plan as of the end of fiscal year 2023, Compliance indicated that it has worked with Social Services’ Executive Team to put forth a budget request to procure a grants management system to assist with its subrecipient monitoring efforts. Additionally, Compliance is considering implementing a manual system where it will review non-locality Single Audit reports until it implements a permanent solution. However, Compliance was unable to procure a grants management system to support its subrecipient monitoring efforts during the fiscal year and it did not implement a manual system to comply with the requirements in 2 CFR § 200.332(d)(3) and (f) because of a lack of available resources.
Compliance should continue to work with Social Services’ Executive Team to determine which solution(s) would be the most beneficial to the organization to comply with these federal requirements. Additionally, Compliance should consider using the query functionalities in the Clearinghouse to determine whether any of its non-locality subrecipients have audit findings that warrant a management decision.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-098: Review Non-Locality Subrecipient Single Audit Reports
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-013; 2021-072; 2020-075; 2019-091; 2018-092
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)(3); 2 CFR § 200.332(f)
Known Questioned Costs: $0
Compliance continues to not review non-locality subrecipient Single Audit reports as established within the Agency Monitoring Plan. Non-locality subrecipients are subrecipients who are not local governments and are mainly comprised of non-profit organizations. During fiscal year 2023, Social Services disbursed approximately $87 million in federal funds to roughly 205 non-locality subrecipients. While reviewing the audit reports for the 26 non-locality subrecipients that received more than $750,000 in federal funds from Social Services, we noted the following:
Seven non-locality subrecipients (27%) did not have a Single Audit report available in the Federal Audit Clearinghouse (Clearinghouse) for the most recent audit period. Social Services disbursed approximately $10 million in federal funds to these entities during fiscal year 2023.
A non-locality subrecipient (4%) had audit findings that affected one of Social Services’ federal grant programs. As a result of the lack of review over the non-locality subrecipient’s Single Audit report, Social Services did not issue a management decision within six months of acceptance of the audit report by the Clearinghouse.
According to 2 CFR § 200.332(f), all pass-through entities must verify their subrecipients are audited if it is expected that the subrecipient’s federal awards expended during the respective fiscal year equaled or exceeded $750,000. Additionally, 2 CFR § 200.332(d)(3) requires pass-through entities to issue a management decision within six months of acceptance of the audit report by the Clearinghouse. A management decision is Social Services’ written determination, provided to its subrecipient, of the adequacy of the subrecipient’s proposed corrective actions to address the audit findings, based on Social Services’ evaluation of the audit findings and proposed corrective actions.
Without verifying whether non-locality subrecipients received a Single Audit, Compliance is unable to provide assurance that Social Services is meeting the audit requirements set forth in 2 CFR § 200.332(d)(3) and (f). Additionally, Compliance cannot provide Social Services with assurance that its subrecipient monitoring efforts are adequate without reviewing non-locality Single Audit reports.
In its corrective action plan as of the end of fiscal year 2023, Compliance indicated that it has worked with Social Services’ Executive Team to put forth a budget request to procure a grants management system to assist with its subrecipient monitoring efforts. Additionally, Compliance is considering implementing a manual system where it will review non-locality Single Audit reports until it implements a permanent solution. However, Compliance was unable to procure a grants management system to support its subrecipient monitoring efforts during the fiscal year and it did not implement a manual system to comply with the requirements in 2 CFR § 200.332(d)(3) and (f) because of a lack of available resources.
Compliance should continue to work with Social Services’ Executive Team to determine which solution(s) would be the most beneficial to the organization to comply with these federal requirements. Additionally, Compliance should consider using the query functionalities in the Clearinghouse to determine whether any of its non-locality subrecipients have audit findings that warrant a management decision.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-098: Review Non-Locality Subrecipient Single Audit Reports
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-013; 2021-072; 2020-075; 2019-091; 2018-092
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)(3); 2 CFR § 200.332(f)
Known Questioned Costs: $0
Compliance continues to not review non-locality subrecipient Single Audit reports as established within the Agency Monitoring Plan. Non-locality subrecipients are subrecipients who are not local governments and are mainly comprised of non-profit organizations. During fiscal year 2023, Social Services disbursed approximately $87 million in federal funds to roughly 205 non-locality subrecipients. While reviewing the audit reports for the 26 non-locality subrecipients that received more than $750,000 in federal funds from Social Services, we noted the following:
Seven non-locality subrecipients (27%) did not have a Single Audit report available in the Federal Audit Clearinghouse (Clearinghouse) for the most recent audit period. Social Services disbursed approximately $10 million in federal funds to these entities during fiscal year 2023.
A non-locality subrecipient (4%) had audit findings that affected one of Social Services’ federal grant programs. As a result of the lack of review over the non-locality subrecipient’s Single Audit report, Social Services did not issue a management decision within six months of acceptance of the audit report by the Clearinghouse.
According to 2 CFR § 200.332(f), all pass-through entities must verify their subrecipients are audited if it is expected that the subrecipient’s federal awards expended during the respective fiscal year equaled or exceeded $750,000. Additionally, 2 CFR § 200.332(d)(3) requires pass-through entities to issue a management decision within six months of acceptance of the audit report by the Clearinghouse. A management decision is Social Services’ written determination, provided to its subrecipient, of the adequacy of the subrecipient’s proposed corrective actions to address the audit findings, based on Social Services’ evaluation of the audit findings and proposed corrective actions.
Without verifying whether non-locality subrecipients received a Single Audit, Compliance is unable to provide assurance that Social Services is meeting the audit requirements set forth in 2 CFR § 200.332(d)(3) and (f). Additionally, Compliance cannot provide Social Services with assurance that its subrecipient monitoring efforts are adequate without reviewing non-locality Single Audit reports.
In its corrective action plan as of the end of fiscal year 2023, Compliance indicated that it has worked with Social Services’ Executive Team to put forth a budget request to procure a grants management system to assist with its subrecipient monitoring efforts. Additionally, Compliance is considering implementing a manual system where it will review non-locality Single Audit reports until it implements a permanent solution. However, Compliance was unable to procure a grants management system to support its subrecipient monitoring efforts during the fiscal year and it did not implement a manual system to comply with the requirements in 2 CFR § 200.332(d)(3) and (f) because of a lack of available resources.
Compliance should continue to work with Social Services’ Executive Team to determine which solution(s) would be the most beneficial to the organization to comply with these federal requirements. Additionally, Compliance should consider using the query functionalities in the Clearinghouse to determine whether any of its non-locality subrecipients have audit findings that warrant a management decision.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-098: Review Non-Locality Subrecipient Single Audit Reports
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-013; 2021-072; 2020-075; 2019-091; 2018-092
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)(3); 2 CFR § 200.332(f)
Known Questioned Costs: $0
Compliance continues to not review non-locality subrecipient Single Audit reports as established within the Agency Monitoring Plan. Non-locality subrecipients are subrecipients who are not local governments and are mainly comprised of non-profit organizations. During fiscal year 2023, Social Services disbursed approximately $87 million in federal funds to roughly 205 non-locality subrecipients. While reviewing the audit reports for the 26 non-locality subrecipients that received more than $750,000 in federal funds from Social Services, we noted the following:
Seven non-locality subrecipients (27%) did not have a Single Audit report available in the Federal Audit Clearinghouse (Clearinghouse) for the most recent audit period. Social Services disbursed approximately $10 million in federal funds to these entities during fiscal year 2023.
A non-locality subrecipient (4%) had audit findings that affected one of Social Services’ federal grant programs. As a result of the lack of review over the non-locality subrecipient’s Single Audit report, Social Services did not issue a management decision within six months of acceptance of the audit report by the Clearinghouse.
According to 2 CFR § 200.332(f), all pass-through entities must verify their subrecipients are audited if it is expected that the subrecipient’s federal awards expended during the respective fiscal year equaled or exceeded $750,000. Additionally, 2 CFR § 200.332(d)(3) requires pass-through entities to issue a management decision within six months of acceptance of the audit report by the Clearinghouse. A management decision is Social Services’ written determination, provided to its subrecipient, of the adequacy of the subrecipient’s proposed corrective actions to address the audit findings, based on Social Services’ evaluation of the audit findings and proposed corrective actions.
Without verifying whether non-locality subrecipients received a Single Audit, Compliance is unable to provide assurance that Social Services is meeting the audit requirements set forth in 2 CFR § 200.332(d)(3) and (f). Additionally, Compliance cannot provide Social Services with assurance that its subrecipient monitoring efforts are adequate without reviewing non-locality Single Audit reports.
In its corrective action plan as of the end of fiscal year 2023, Compliance indicated that it has worked with Social Services’ Executive Team to put forth a budget request to procure a grants management system to assist with its subrecipient monitoring efforts. Additionally, Compliance is considering implementing a manual system where it will review non-locality Single Audit reports until it implements a permanent solution. However, Compliance was unable to procure a grants management system to support its subrecipient monitoring efforts during the fiscal year and it did not implement a manual system to comply with the requirements in 2 CFR § 200.332(d)(3) and (f) because of a lack of available resources.
Compliance should continue to work with Social Services’ Executive Team to determine which solution(s) would be the most beneficial to the organization to comply with these federal requirements. Additionally, Compliance should consider using the query functionalities in the Clearinghouse to determine whether any of its non-locality subrecipients have audit findings that warrant a management decision.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-099: Communicate Responsibilities to Subrecipient Monitoring Coordinators
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-012; 2021-069; 2020-076
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Compliance has not communicated responsibilities to subrecipient monitoring coordinators, as required by the Agency Monitoring Plan. Compliance’s Agency Monitoring Plan serves as a guide in the development, implementation, and coordination of division monitoring plans and aims to address accountability and provide consistency in monitoring activities across all Social Services’ divisions and offices. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards.
Title 2 CFR § 200.332(d) requires pass-through entities to monitor the activities of subrecipients as necessary to ensure that the subaward is used for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Further, 2 CFR § 200.303(a) requires pass-through entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Since the prior audit, Compliance has updated and finalized the Agency Monitoring Plan but has been unable to communicate it to the subrecipient monitoring coordinators because of a lack of available resources. Without communicating responsibilities to subrecipient monitoring coordinators, Compliance cannot provide assurance that Social Services adequately monitors all its subrecipients to ensure they are achieving program objectives or complying with federal requirements. Compliance should continue to work with Social Services’ Executive Team to obtain the appropriate resources so that it can communicate responsibilities to subrecipient monitoring coordinators.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-099: Communicate Responsibilities to Subrecipient Monitoring Coordinators
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-012; 2021-069; 2020-076
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Compliance has not communicated responsibilities to subrecipient monitoring coordinators, as required by the Agency Monitoring Plan. Compliance’s Agency Monitoring Plan serves as a guide in the development, implementation, and coordination of division monitoring plans and aims to address accountability and provide consistency in monitoring activities across all Social Services’ divisions and offices. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards.
Title 2 CFR § 200.332(d) requires pass-through entities to monitor the activities of subrecipients as necessary to ensure that the subaward is used for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Further, 2 CFR § 200.303(a) requires pass-through entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Since the prior audit, Compliance has updated and finalized the Agency Monitoring Plan but has been unable to communicate it to the subrecipient monitoring coordinators because of a lack of available resources. Without communicating responsibilities to subrecipient monitoring coordinators, Compliance cannot provide assurance that Social Services adequately monitors all its subrecipients to ensure they are achieving program objectives or complying with federal requirements. Compliance should continue to work with Social Services’ Executive Team to obtain the appropriate resources so that it can communicate responsibilities to subrecipient monitoring coordinators.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-099: Communicate Responsibilities to Subrecipient Monitoring Coordinators
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-012; 2021-069; 2020-076
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5MAP - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Compliance has not communicated responsibilities to subrecipient monitoring coordinators, as required by the Agency Monitoring Plan. Compliance’s Agency Monitoring Plan serves as a guide in the development, implementation, and coordination of division monitoring plans and aims to address accountability and provide consistency in monitoring activities across all Social Services’ divisions and offices. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards.
Title 2 CFR § 200.332(d) requires pass-through entities to monitor the activities of subrecipients as necessary to ensure that the subaward is used for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Further, 2 CFR § 200.303(a) requires pass-through entities to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Since the prior audit, Compliance has updated and finalized the Agency Monitoring Plan but has been unable to communicate it to the subrecipient monitoring coordinators because of a lack of available resources. Without communicating responsibilities to subrecipient monitoring coordinators, Compliance cannot provide assurance that Social Services adequately monitors all its subrecipients to ensure they are achieving program objectives or complying with federal requirements. Compliance should continue to work with Social Services’ Executive Team to obtain the appropriate resources so that it can communicate responsibilities to subrecipient monitoring coordinators.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-100: Evaluate Subrecipients' Risk of Noncompliance in Accordance with Federal Regulations
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-016; 2021-071
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5ADM; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b)
Known Questioned Costs: $0
Benefit Programs did not evaluate subrecipients’ risk of noncompliance with federal regulations related to the administration of the TANF federal grant program and the Medicaid Cluster during fiscal year 2023. Benefit Programs only considered the size of the subrecipient when determining the extent of monitoring necessary. Social Services disbursed approximately $178 million to roughly 270 subrecipients from these federal programs during the period under review.
Title 2 CFR § 200.332(b) requires pass-through entities to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Further, 2 CFR § 200.332(b) suggests that pass-through entities should consider the results of previous audits, the subrecipient’s prior experience with the same or similar subawards, and whether the subrecipient has new personnel or new or substantially changed systems. Without performing the proper risk assessment procedures, Benefit Programs cannot demonstrate that it monitored the activities of the subrecipient as necessary to ensure that the pass-through entity used the subaward for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
As part of its corrective action, Benefit Programs created a new monitoring plan in April 2023 that includes a risk assessment tool that conforms with federal regulations. However, Benefit Programs did not place the new risk assessment tool into operation until after fiscal year 2023 because of the communication and training that needed to occur on the new monitoring plan. Benefit Programs should continue its corrective action efforts and confirm that program consultants are completing the risk assessment tool properly.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-100: Evaluate Subrecipients' Risk of Noncompliance in Accordance with Federal Regulations
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-016; 2021-071
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5ADM; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b)
Known Questioned Costs: $0
Benefit Programs did not evaluate subrecipients’ risk of noncompliance with federal regulations related to the administration of the TANF federal grant program and the Medicaid Cluster during fiscal year 2023. Benefit Programs only considered the size of the subrecipient when determining the extent of monitoring necessary. Social Services disbursed approximately $178 million to roughly 270 subrecipients from these federal programs during the period under review.
Title 2 CFR § 200.332(b) requires pass-through entities to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Further, 2 CFR § 200.332(b) suggests that pass-through entities should consider the results of previous audits, the subrecipient’s prior experience with the same or similar subawards, and whether the subrecipient has new personnel or new or substantially changed systems. Without performing the proper risk assessment procedures, Benefit Programs cannot demonstrate that it monitored the activities of the subrecipient as necessary to ensure that the pass-through entity used the subaward for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
As part of its corrective action, Benefit Programs created a new monitoring plan in April 2023 that includes a risk assessment tool that conforms with federal regulations. However, Benefit Programs did not place the new risk assessment tool into operation until after fiscal year 2023 because of the communication and training that needed to occur on the new monitoring plan. Benefit Programs should continue its corrective action efforts and confirm that program consultants are completing the risk assessment tool properly.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-100: Evaluate Subrecipients' Risk of Noncompliance in Accordance with Federal Regulations
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-016; 2021-071
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5ADM; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b)
Known Questioned Costs: $0
Benefit Programs did not evaluate subrecipients’ risk of noncompliance with federal regulations related to the administration of the TANF federal grant program and the Medicaid Cluster during fiscal year 2023. Benefit Programs only considered the size of the subrecipient when determining the extent of monitoring necessary. Social Services disbursed approximately $178 million to roughly 270 subrecipients from these federal programs during the period under review.
Title 2 CFR § 200.332(b) requires pass-through entities to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Further, 2 CFR § 200.332(b) suggests that pass-through entities should consider the results of previous audits, the subrecipient’s prior experience with the same or similar subawards, and whether the subrecipient has new personnel or new or substantially changed systems. Without performing the proper risk assessment procedures, Benefit Programs cannot demonstrate that it monitored the activities of the subrecipient as necessary to ensure that the pass-through entity used the subaward for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
As part of its corrective action, Benefit Programs created a new monitoring plan in April 2023 that includes a risk assessment tool that conforms with federal regulations. However, Benefit Programs did not place the new risk assessment tool into operation until after fiscal year 2023 because of the communication and training that needed to occur on the new monitoring plan. Benefit Programs should continue its corrective action efforts and confirm that program consultants are completing the risk assessment tool properly.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-100: Evaluate Subrecipients' Risk of Noncompliance in Accordance with Federal Regulations
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-016; 2021-071
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5ADM; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b)
Known Questioned Costs: $0
Benefit Programs did not evaluate subrecipients’ risk of noncompliance with federal regulations related to the administration of the TANF federal grant program and the Medicaid Cluster during fiscal year 2023. Benefit Programs only considered the size of the subrecipient when determining the extent of monitoring necessary. Social Services disbursed approximately $178 million to roughly 270 subrecipients from these federal programs during the period under review.
Title 2 CFR § 200.332(b) requires pass-through entities to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Further, 2 CFR § 200.332(b) suggests that pass-through entities should consider the results of previous audits, the subrecipient’s prior experience with the same or similar subawards, and whether the subrecipient has new personnel or new or substantially changed systems. Without performing the proper risk assessment procedures, Benefit Programs cannot demonstrate that it monitored the activities of the subrecipient as necessary to ensure that the pass-through entity used the subaward for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
As part of its corrective action, Benefit Programs created a new monitoring plan in April 2023 that includes a risk assessment tool that conforms with federal regulations. However, Benefit Programs did not place the new risk assessment tool into operation until after fiscal year 2023 because of the communication and training that needed to occur on the new monitoring plan. Benefit Programs should continue its corrective action efforts and confirm that program consultants are completing the risk assessment tool properly.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-100: Evaluate Subrecipients' Risk of Noncompliance in Accordance with Federal Regulations
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-016; 2021-071
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5ADM; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b)
Known Questioned Costs: $0
Benefit Programs did not evaluate subrecipients’ risk of noncompliance with federal regulations related to the administration of the TANF federal grant program and the Medicaid Cluster during fiscal year 2023. Benefit Programs only considered the size of the subrecipient when determining the extent of monitoring necessary. Social Services disbursed approximately $178 million to roughly 270 subrecipients from these federal programs during the period under review.
Title 2 CFR § 200.332(b) requires pass-through entities to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Further, 2 CFR § 200.332(b) suggests that pass-through entities should consider the results of previous audits, the subrecipient’s prior experience with the same or similar subawards, and whether the subrecipient has new personnel or new or substantially changed systems. Without performing the proper risk assessment procedures, Benefit Programs cannot demonstrate that it monitored the activities of the subrecipient as necessary to ensure that the pass-through entity used the subaward for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
As part of its corrective action, Benefit Programs created a new monitoring plan in April 2023 that includes a risk assessment tool that conforms with federal regulations. However, Benefit Programs did not place the new risk assessment tool into operation until after fiscal year 2023 because of the communication and training that needed to occur on the new monitoring plan. Benefit Programs should continue its corrective action efforts and confirm that program consultants are completing the risk assessment tool properly.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-100: Evaluate Subrecipients' Risk of Noncompliance in Accordance with Federal Regulations
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-016; 2021-071
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 2305VA5ADM; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b)
Known Questioned Costs: $0
Benefit Programs did not evaluate subrecipients’ risk of noncompliance with federal regulations related to the administration of the TANF federal grant program and the Medicaid Cluster during fiscal year 2023. Benefit Programs only considered the size of the subrecipient when determining the extent of monitoring necessary. Social Services disbursed approximately $178 million to roughly 270 subrecipients from these federal programs during the period under review.
Title 2 CFR § 200.332(b) requires pass-through entities to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Further, 2 CFR § 200.332(b) suggests that pass-through entities should consider the results of previous audits, the subrecipient’s prior experience with the same or similar subawards, and whether the subrecipient has new personnel or new or substantially changed systems. Without performing the proper risk assessment procedures, Benefit Programs cannot demonstrate that it monitored the activities of the subrecipient as necessary to ensure that the pass-through entity used the subaward for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
As part of its corrective action, Benefit Programs created a new monitoring plan in April 2023 that includes a risk assessment tool that conforms with federal regulations. However, Benefit Programs did not place the new risk assessment tool into operation until after fiscal year 2023 because of the communication and training that needed to occur on the new monitoring plan. Benefit Programs should continue its corrective action efforts and confirm that program consultants are completing the risk assessment tool properly.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-101: Verify that Monitoring Plan Includes All Subrecipient Programmatic Activities
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-015
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b); 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs fiscal year 2023 monitoring plan did not include all subrecipient programmatic activities for the TANF federal grant program. Benefit Programs’ primary programmatic activity for the TANF federal grant program is eligibility determination functions performed by local agencies. However, Benefit Programs also awards various competitive grants to local governments and non-profit organizations to help TANF recipients become self-sufficient.
According to 2 CFR § 200.322(b) all pass-through entities are required to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Additionally, 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure it uses the subaward for authorized purposes, which comply with federal statutes, regulations, and the terms and conditions of the subaward; and that the subrecipient achieves subaward performance goals. Without including all programmatic activities in the monitoring plan, Benefit Programs cannot provide assurance that subrecipients used TANF federal grant funds for authorized purposes in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
In response to the prior year’s audit recommendation, Benefit Programs’ management analyzed all its programmatic activities and verified that they were incorporated into its fiscal year 2024 monitoring plan. As part of its corrective action, Benefit Programs’ management mandated that home office staff monitor subrecipients receiving TANF competitive grants once every three years and complete risk assessment procedures in other years to verify that there have not been any changes in the subrecipient’s risk profile. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that it includes all programmatic activities within its monitoring plan and that it conducts monitoring activities in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-101: Verify that Monitoring Plan Includes All Subrecipient Programmatic Activities
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-015
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b); 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs fiscal year 2023 monitoring plan did not include all subrecipient programmatic activities for the TANF federal grant program. Benefit Programs’ primary programmatic activity for the TANF federal grant program is eligibility determination functions performed by local agencies. However, Benefit Programs also awards various competitive grants to local governments and non-profit organizations to help TANF recipients become self-sufficient.
According to 2 CFR § 200.322(b) all pass-through entities are required to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Additionally, 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure it uses the subaward for authorized purposes, which comply with federal statutes, regulations, and the terms and conditions of the subaward; and that the subrecipient achieves subaward performance goals. Without including all programmatic activities in the monitoring plan, Benefit Programs cannot provide assurance that subrecipients used TANF federal grant funds for authorized purposes in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
In response to the prior year’s audit recommendation, Benefit Programs’ management analyzed all its programmatic activities and verified that they were incorporated into its fiscal year 2024 monitoring plan. As part of its corrective action, Benefit Programs’ management mandated that home office staff monitor subrecipients receiving TANF competitive grants once every three years and complete risk assessment procedures in other years to verify that there have not been any changes in the subrecipient’s risk profile. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that it includes all programmatic activities within its monitoring plan and that it conducts monitoring activities in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-101: Verify that Monitoring Plan Includes All Subrecipient Programmatic Activities
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-015
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(b); 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs fiscal year 2023 monitoring plan did not include all subrecipient programmatic activities for the TANF federal grant program. Benefit Programs’ primary programmatic activity for the TANF federal grant program is eligibility determination functions performed by local agencies. However, Benefit Programs also awards various competitive grants to local governments and non-profit organizations to help TANF recipients become self-sufficient.
According to 2 CFR § 200.322(b) all pass-through entities are required to evaluate each subrecipient's risk of noncompliance with federal statutes, regulations, and the terms and conditions of the subaward for purposes of determining the appropriate subrecipient monitoring. Additionally, 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure it uses the subaward for authorized purposes, which comply with federal statutes, regulations, and the terms and conditions of the subaward; and that the subrecipient achieves subaward performance goals. Without including all programmatic activities in the monitoring plan, Benefit Programs cannot provide assurance that subrecipients used TANF federal grant funds for authorized purposes in compliance with federal statutes, regulations, and the terms and conditions of the subaward.
In response to the prior year’s audit recommendation, Benefit Programs’ management analyzed all its programmatic activities and verified that they were incorporated into its fiscal year 2024 monitoring plan. As part of its corrective action, Benefit Programs’ management mandated that home office staff monitor subrecipients receiving TANF competitive grants once every three years and complete risk assessment procedures in other years to verify that there have not been any changes in the subrecipient’s risk profile. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that it includes all programmatic activities within its monitoring plan and that it conducts monitoring activities in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-102: Confirm Monitoring Activities are Conducted in Accordance with the Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-014
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 305VA5MAP; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs did not oversee subrecipient monitoring activities to ensure they were conducted in accordance with its monitoring plan. During fiscal year 2023, Benefit Programs disbursed approximately $173 million in subaward payments from the TANF federal grant program and Medicaid Cluster. During the audit, we noted the following deviations from Benefit Programs’ monitoring plan:
Benefit Programs created a monitoring plan for fiscal year 2023 to comply with Compliance’s Plan. Regional consultants, who perform subrecipient monitoring activities, created their own subrecipient monitoring schedules that were not consistent with Benefit Programs’ monitoring plan. As a result, Benefit Programs only completed 35 of the 63 (56%) scheduled reviews for the TANF federal grant program and Medicaid Cluster. Regional consultants completed 28 additional reviews which Benefit Program did not originally included in its monitoring plan.
Benefit Programs did not confirm that fiscal year 2023 monitoring review records uploaded to its data repository were complete. Some of the missing records included the agency notification letter, case selection sample, and subrecipient monitoring checklist.
Title 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure that it uses the subaward authorized purposes, which are in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Without confirming that monitoring activities are conducted in accordance with the monitoring plan, Benefit Programs cannot provide assurance that it complied with the provisions at 2 CFR § 200.332(d).
In response to the prior year’s audit recommendation, Benefit Programs created a new monitoring plan in April 2023 to address the deficiencies noted above. As part of its corrective action, Benefit Programs’ subrecipient monitoring coordinator will be responsible for tracking regional consultants’ monitoring activities, verifying that all relevant monitoring documents are uploaded to its data repository, creating desk tools for regional consultants, and providing training on the new monitoring plan. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that monitoring activities are conducted in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-102: Confirm Monitoring Activities are Conducted in Accordance with the Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-014
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 305VA5MAP; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs did not oversee subrecipient monitoring activities to ensure they were conducted in accordance with its monitoring plan. During fiscal year 2023, Benefit Programs disbursed approximately $173 million in subaward payments from the TANF federal grant program and Medicaid Cluster. During the audit, we noted the following deviations from Benefit Programs’ monitoring plan:
Benefit Programs created a monitoring plan for fiscal year 2023 to comply with Compliance’s Plan. Regional consultants, who perform subrecipient monitoring activities, created their own subrecipient monitoring schedules that were not consistent with Benefit Programs’ monitoring plan. As a result, Benefit Programs only completed 35 of the 63 (56%) scheduled reviews for the TANF federal grant program and Medicaid Cluster. Regional consultants completed 28 additional reviews which Benefit Program did not originally included in its monitoring plan.
Benefit Programs did not confirm that fiscal year 2023 monitoring review records uploaded to its data repository were complete. Some of the missing records included the agency notification letter, case selection sample, and subrecipient monitoring checklist.
Title 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure that it uses the subaward authorized purposes, which are in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Without confirming that monitoring activities are conducted in accordance with the monitoring plan, Benefit Programs cannot provide assurance that it complied with the provisions at 2 CFR § 200.332(d).
In response to the prior year’s audit recommendation, Benefit Programs created a new monitoring plan in April 2023 to address the deficiencies noted above. As part of its corrective action, Benefit Programs’ subrecipient monitoring coordinator will be responsible for tracking regional consultants’ monitoring activities, verifying that all relevant monitoring documents are uploaded to its data repository, creating desk tools for regional consultants, and providing training on the new monitoring plan. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that monitoring activities are conducted in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-102: Confirm Monitoring Activities are Conducted in Accordance with the Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-014
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 305VA5MAP; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs did not oversee subrecipient monitoring activities to ensure they were conducted in accordance with its monitoring plan. During fiscal year 2023, Benefit Programs disbursed approximately $173 million in subaward payments from the TANF federal grant program and Medicaid Cluster. During the audit, we noted the following deviations from Benefit Programs’ monitoring plan:
Benefit Programs created a monitoring plan for fiscal year 2023 to comply with Compliance’s Plan. Regional consultants, who perform subrecipient monitoring activities, created their own subrecipient monitoring schedules that were not consistent with Benefit Programs’ monitoring plan. As a result, Benefit Programs only completed 35 of the 63 (56%) scheduled reviews for the TANF federal grant program and Medicaid Cluster. Regional consultants completed 28 additional reviews which Benefit Program did not originally included in its monitoring plan.
Benefit Programs did not confirm that fiscal year 2023 monitoring review records uploaded to its data repository were complete. Some of the missing records included the agency notification letter, case selection sample, and subrecipient monitoring checklist.
Title 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure that it uses the subaward authorized purposes, which are in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Without confirming that monitoring activities are conducted in accordance with the monitoring plan, Benefit Programs cannot provide assurance that it complied with the provisions at 2 CFR § 200.332(d).
In response to the prior year’s audit recommendation, Benefit Programs created a new monitoring plan in April 2023 to address the deficiencies noted above. As part of its corrective action, Benefit Programs’ subrecipient monitoring coordinator will be responsible for tracking regional consultants’ monitoring activities, verifying that all relevant monitoring documents are uploaded to its data repository, creating desk tools for regional consultants, and providing training on the new monitoring plan. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that monitoring activities are conducted in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-102: Confirm Monitoring Activities are Conducted in Accordance with the Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-014
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 305VA5MAP; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs did not oversee subrecipient monitoring activities to ensure they were conducted in accordance with its monitoring plan. During fiscal year 2023, Benefit Programs disbursed approximately $173 million in subaward payments from the TANF federal grant program and Medicaid Cluster. During the audit, we noted the following deviations from Benefit Programs’ monitoring plan:
Benefit Programs created a monitoring plan for fiscal year 2023 to comply with Compliance’s Plan. Regional consultants, who perform subrecipient monitoring activities, created their own subrecipient monitoring schedules that were not consistent with Benefit Programs’ monitoring plan. As a result, Benefit Programs only completed 35 of the 63 (56%) scheduled reviews for the TANF federal grant program and Medicaid Cluster. Regional consultants completed 28 additional reviews which Benefit Program did not originally included in its monitoring plan.
Benefit Programs did not confirm that fiscal year 2023 monitoring review records uploaded to its data repository were complete. Some of the missing records included the agency notification letter, case selection sample, and subrecipient monitoring checklist.
Title 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure that it uses the subaward authorized purposes, which are in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Without confirming that monitoring activities are conducted in accordance with the monitoring plan, Benefit Programs cannot provide assurance that it complied with the provisions at 2 CFR § 200.332(d).
In response to the prior year’s audit recommendation, Benefit Programs created a new monitoring plan in April 2023 to address the deficiencies noted above. As part of its corrective action, Benefit Programs’ subrecipient monitoring coordinator will be responsible for tracking regional consultants’ monitoring activities, verifying that all relevant monitoring documents are uploaded to its data repository, creating desk tools for regional consultants, and providing training on the new monitoring plan. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that monitoring activities are conducted in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-102: Confirm Monitoring Activities are Conducted in Accordance with the Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-014
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 305VA5MAP; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs did not oversee subrecipient monitoring activities to ensure they were conducted in accordance with its monitoring plan. During fiscal year 2023, Benefit Programs disbursed approximately $173 million in subaward payments from the TANF federal grant program and Medicaid Cluster. During the audit, we noted the following deviations from Benefit Programs’ monitoring plan:
Benefit Programs created a monitoring plan for fiscal year 2023 to comply with Compliance’s Plan. Regional consultants, who perform subrecipient monitoring activities, created their own subrecipient monitoring schedules that were not consistent with Benefit Programs’ monitoring plan. As a result, Benefit Programs only completed 35 of the 63 (56%) scheduled reviews for the TANF federal grant program and Medicaid Cluster. Regional consultants completed 28 additional reviews which Benefit Program did not originally included in its monitoring plan.
Benefit Programs did not confirm that fiscal year 2023 monitoring review records uploaded to its data repository were complete. Some of the missing records included the agency notification letter, case selection sample, and subrecipient monitoring checklist.
Title 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure that it uses the subaward authorized purposes, which are in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Without confirming that monitoring activities are conducted in accordance with the monitoring plan, Benefit Programs cannot provide assurance that it complied with the provisions at 2 CFR § 200.332(d).
In response to the prior year’s audit recommendation, Benefit Programs created a new monitoring plan in April 2023 to address the deficiencies noted above. As part of its corrective action, Benefit Programs’ subrecipient monitoring coordinator will be responsible for tracking regional consultants’ monitoring activities, verifying that all relevant monitoring documents are uploaded to its data repository, creating desk tools for regional consultants, and providing training on the new monitoring plan. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that monitoring activities are conducted in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-102: Confirm Monitoring Activities are Conducted in Accordance with the Monitoring Plan
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-014
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558; Medicaid Cluster - 93.775, 93.777, 93.778
Federal Award Number and Year: 305VA5MAP; 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Subrecipient Monitoring - 2 CFR § 200.332(d)
Known Questioned Costs: $0
Benefit Programs did not oversee subrecipient monitoring activities to ensure they were conducted in accordance with its monitoring plan. During fiscal year 2023, Benefit Programs disbursed approximately $173 million in subaward payments from the TANF federal grant program and Medicaid Cluster. During the audit, we noted the following deviations from Benefit Programs’ monitoring plan:
Benefit Programs created a monitoring plan for fiscal year 2023 to comply with Compliance’s Plan. Regional consultants, who perform subrecipient monitoring activities, created their own subrecipient monitoring schedules that were not consistent with Benefit Programs’ monitoring plan. As a result, Benefit Programs only completed 35 of the 63 (56%) scheduled reviews for the TANF federal grant program and Medicaid Cluster. Regional consultants completed 28 additional reviews which Benefit Program did not originally included in its monitoring plan.
Benefit Programs did not confirm that fiscal year 2023 monitoring review records uploaded to its data repository were complete. Some of the missing records included the agency notification letter, case selection sample, and subrecipient monitoring checklist.
Title 2 CFR § 200.332(d) requires the pass-through entity to monitor the activities of the subrecipient as necessary to ensure that it uses the subaward authorized purposes, which are in compliance with federal statutes, regulations, and the terms and conditions of the subaward. Without confirming that monitoring activities are conducted in accordance with the monitoring plan, Benefit Programs cannot provide assurance that it complied with the provisions at 2 CFR § 200.332(d).
In response to the prior year’s audit recommendation, Benefit Programs created a new monitoring plan in April 2023 to address the deficiencies noted above. As part of its corrective action, Benefit Programs’ subrecipient monitoring coordinator will be responsible for tracking regional consultants’ monitoring activities, verifying that all relevant monitoring documents are uploaded to its data repository, creating desk tools for regional consultants, and providing training on the new monitoring plan. Benefit Programs was unable to fully implement corrective action in fiscal year 2023 because of the efforts involved with creating and implementing a new monitoring plan and dedicating the resources to provide proper oversight. Benefit Programs should continue its corrective action efforts to confirm that monitoring activities are conducted in accordance with the monitoring plan.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-103: Monitor Case Management System Records to Ensure Compliance with TANF Eligibility Requirements
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Eligibility - 2 CFR § 200.303(a)
Known Questioned Costs: $12,275
Social Services did not comply with certain federal eligibility requirements for the TANF federal grant program, resulting in known questioned costs of $12,275. The TANF federal grant program provided over $120 million in assistance to approximately 28,000 needy families during fiscal year 2023. During the audit, we reperformed the eligibility determinations for all needy families that received assistance during the fiscal year and identified 30 instances (<1%) where the facts in the recipient’s case record did not support the eligibility determination. Specifically:
For sixteen payments, staff did not properly assign to the state the rights the family member may have for child support. In 12 instances, Social Services underpaid benefit amounts to recipients, and in two instances, Social Services improperly denied benefits to the recipient due to manually entering child support payments beyond the acceptable timeframe. Staff incorrectly keyed the remaining two instances into the system but did not result in an adverse financial effect to the recipient or Social Services. Title 42 United States Code (USC) 608(a)(3) mandates that the State shall require that, as a condition of providing assistance, a member of the family assigned to the state the rights the family member may have for support from any other person and this assignment may not exceed the amount of assistance provided by the State.
For eight payments, staff did not properly evaluate the income eligibility. Title 45 CFR § 263.2(b)(2) defines financially “needy” as financially eligible according to the state’s quantified income and resource criteria, which Social Services quantifies through its TANF Manual as maximum income charts in Section 305, Appendix 1.
For two payments, staff did not properly evaluate the extended absence of a child or adult to determine the effect on household eligibility. Title 42 USC 608(a)(10) mandates that a state may not provide assistance to an individual who is a parent (or other caretaker relative) of a minor child who fails to notify the state agency of the absence of the minor child from the home within five days of the date that it becomes clear to that individual that the child will be absent for the specified period of time.
Staff did not properly reduce or terminate two payments for individuals not complying with the Commonwealth’s work requirements for TANF recipients. Title 45 CFR §261.13 mandates that if an individual in a family receiving assistance refuses to engage in required work without good cause, a state must reduce assistance to the family, at least pro rata, with respect to any period during the month in which the individual refuses or may terminate assistance.
Staff did not properly evaluate the qualified alien status for one payment as required by 8 USC § 1611.
One recipient had a failed eligibility determination yet received a payment from the case management system. Title 45 CFR § 206.10(a)(8) requires that each decision regarding eligibility or ineligibility to be supported by facts in the applicant's or recipient's case record.
Social Services relies on its case management system to properly determine eligibility, correctly calculate benefits payments, and achieve the federal requirements of the TANF federal grant program. Of the exceptions noted above, 16 of the 30 (53%) were the result of local agency eligibility workers mistakenly reporting child support payments as unearned revenue beyond the acceptable timeframe instead of assigning these payments to the Commonwealth for referral to the Division of Child Support Enforcement, as required by the CFR. The remaining 14 exceptions (47%) resulted from local agency eligibility workers manually overriding the eligibility determination made by the case management system and not including sufficient documentation to justify the rationale for the override. Social Services provides local agency eligibility workers with elevated access to the case management system so they can exercise their judgement during the applicant intake process. However, Social Services does not appear to monitor the use of manual overrides to ensure they are documented appropriately and that local agency eligibility workers are not using them excessively. In effect, Social Services places itself at risk of having to repay grant funds to the federal government if it does not comply with federal laws and regulations.
Social Services should provide additional training to local agency eligibility workers on how to properly determine and document eligibility determinations in the case management system. Additionally, Social Services should consider monitoring local agency eligibility worker’s use of manual overrides to confirm that they properly document eligibility determinations in the case management system. By providing additional training and implementing additional internal controls, Social Services will be able to ensure that sufficient documentation supports each eligibility decision in its case management system in the applicant’s or recipient’s case record.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-103: Monitor Case Management System Records to Ensure Compliance with TANF Eligibility Requirements
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Eligibility - 2 CFR § 200.303(a)
Known Questioned Costs: $12,275
Social Services did not comply with certain federal eligibility requirements for the TANF federal grant program, resulting in known questioned costs of $12,275. The TANF federal grant program provided over $120 million in assistance to approximately 28,000 needy families during fiscal year 2023. During the audit, we reperformed the eligibility determinations for all needy families that received assistance during the fiscal year and identified 30 instances (<1%) where the facts in the recipient’s case record did not support the eligibility determination. Specifically:
For sixteen payments, staff did not properly assign to the state the rights the family member may have for child support. In 12 instances, Social Services underpaid benefit amounts to recipients, and in two instances, Social Services improperly denied benefits to the recipient due to manually entering child support payments beyond the acceptable timeframe. Staff incorrectly keyed the remaining two instances into the system but did not result in an adverse financial effect to the recipient or Social Services. Title 42 United States Code (USC) 608(a)(3) mandates that the State shall require that, as a condition of providing assistance, a member of the family assigned to the state the rights the family member may have for support from any other person and this assignment may not exceed the amount of assistance provided by the State.
For eight payments, staff did not properly evaluate the income eligibility. Title 45 CFR § 263.2(b)(2) defines financially “needy” as financially eligible according to the state’s quantified income and resource criteria, which Social Services quantifies through its TANF Manual as maximum income charts in Section 305, Appendix 1.
For two payments, staff did not properly evaluate the extended absence of a child or adult to determine the effect on household eligibility. Title 42 USC 608(a)(10) mandates that a state may not provide assistance to an individual who is a parent (or other caretaker relative) of a minor child who fails to notify the state agency of the absence of the minor child from the home within five days of the date that it becomes clear to that individual that the child will be absent for the specified period of time.
Staff did not properly reduce or terminate two payments for individuals not complying with the Commonwealth’s work requirements for TANF recipients. Title 45 CFR §261.13 mandates that if an individual in a family receiving assistance refuses to engage in required work without good cause, a state must reduce assistance to the family, at least pro rata, with respect to any period during the month in which the individual refuses or may terminate assistance.
Staff did not properly evaluate the qualified alien status for one payment as required by 8 USC § 1611.
One recipient had a failed eligibility determination yet received a payment from the case management system. Title 45 CFR § 206.10(a)(8) requires that each decision regarding eligibility or ineligibility to be supported by facts in the applicant's or recipient's case record.
Social Services relies on its case management system to properly determine eligibility, correctly calculate benefits payments, and achieve the federal requirements of the TANF federal grant program. Of the exceptions noted above, 16 of the 30 (53%) were the result of local agency eligibility workers mistakenly reporting child support payments as unearned revenue beyond the acceptable timeframe instead of assigning these payments to the Commonwealth for referral to the Division of Child Support Enforcement, as required by the CFR. The remaining 14 exceptions (47%) resulted from local agency eligibility workers manually overriding the eligibility determination made by the case management system and not including sufficient documentation to justify the rationale for the override. Social Services provides local agency eligibility workers with elevated access to the case management system so they can exercise their judgement during the applicant intake process. However, Social Services does not appear to monitor the use of manual overrides to ensure they are documented appropriately and that local agency eligibility workers are not using them excessively. In effect, Social Services places itself at risk of having to repay grant funds to the federal government if it does not comply with federal laws and regulations.
Social Services should provide additional training to local agency eligibility workers on how to properly determine and document eligibility determinations in the case management system. Additionally, Social Services should consider monitoring local agency eligibility worker’s use of manual overrides to confirm that they properly document eligibility determinations in the case management system. By providing additional training and implementing additional internal controls, Social Services will be able to ensure that sufficient documentation supports each eligibility decision in its case management system in the applicant’s or recipient’s case record.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-103: Monitor Case Management System Records to Ensure Compliance with TANF Eligibility Requirements
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Eligibility - 2 CFR § 200.303(a)
Known Questioned Costs: $12,275
Social Services did not comply with certain federal eligibility requirements for the TANF federal grant program, resulting in known questioned costs of $12,275. The TANF federal grant program provided over $120 million in assistance to approximately 28,000 needy families during fiscal year 2023. During the audit, we reperformed the eligibility determinations for all needy families that received assistance during the fiscal year and identified 30 instances (<1%) where the facts in the recipient’s case record did not support the eligibility determination. Specifically:
For sixteen payments, staff did not properly assign to the state the rights the family member may have for child support. In 12 instances, Social Services underpaid benefit amounts to recipients, and in two instances, Social Services improperly denied benefits to the recipient due to manually entering child support payments beyond the acceptable timeframe. Staff incorrectly keyed the remaining two instances into the system but did not result in an adverse financial effect to the recipient or Social Services. Title 42 United States Code (USC) 608(a)(3) mandates that the State shall require that, as a condition of providing assistance, a member of the family assigned to the state the rights the family member may have for support from any other person and this assignment may not exceed the amount of assistance provided by the State.
For eight payments, staff did not properly evaluate the income eligibility. Title 45 CFR § 263.2(b)(2) defines financially “needy” as financially eligible according to the state’s quantified income and resource criteria, which Social Services quantifies through its TANF Manual as maximum income charts in Section 305, Appendix 1.
For two payments, staff did not properly evaluate the extended absence of a child or adult to determine the effect on household eligibility. Title 42 USC 608(a)(10) mandates that a state may not provide assistance to an individual who is a parent (or other caretaker relative) of a minor child who fails to notify the state agency of the absence of the minor child from the home within five days of the date that it becomes clear to that individual that the child will be absent for the specified period of time.
Staff did not properly reduce or terminate two payments for individuals not complying with the Commonwealth’s work requirements for TANF recipients. Title 45 CFR §261.13 mandates that if an individual in a family receiving assistance refuses to engage in required work without good cause, a state must reduce assistance to the family, at least pro rata, with respect to any period during the month in which the individual refuses or may terminate assistance.
Staff did not properly evaluate the qualified alien status for one payment as required by 8 USC § 1611.
One recipient had a failed eligibility determination yet received a payment from the case management system. Title 45 CFR § 206.10(a)(8) requires that each decision regarding eligibility or ineligibility to be supported by facts in the applicant's or recipient's case record.
Social Services relies on its case management system to properly determine eligibility, correctly calculate benefits payments, and achieve the federal requirements of the TANF federal grant program. Of the exceptions noted above, 16 of the 30 (53%) were the result of local agency eligibility workers mistakenly reporting child support payments as unearned revenue beyond the acceptable timeframe instead of assigning these payments to the Commonwealth for referral to the Division of Child Support Enforcement, as required by the CFR. The remaining 14 exceptions (47%) resulted from local agency eligibility workers manually overriding the eligibility determination made by the case management system and not including sufficient documentation to justify the rationale for the override. Social Services provides local agency eligibility workers with elevated access to the case management system so they can exercise their judgement during the applicant intake process. However, Social Services does not appear to monitor the use of manual overrides to ensure they are documented appropriately and that local agency eligibility workers are not using them excessively. In effect, Social Services places itself at risk of having to repay grant funds to the federal government if it does not comply with federal laws and regulations.
Social Services should provide additional training to local agency eligibility workers on how to properly determine and document eligibility determinations in the case management system. Additionally, Social Services should consider monitoring local agency eligibility worker’s use of manual overrides to confirm that they properly document eligibility determinations in the case management system. By providing additional training and implementing additional internal controls, Social Services will be able to ensure that sufficient documentation supports each eligibility decision in its case management system in the applicant’s or recipient’s case record.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-104: Obtain Reasonable Assurance over Contractor Compliance with Program Regulations
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Low-Income Household Water Assistance Program (LIHWAP) - 93.499
Federal Award Number and Year: 2101VALWC1 - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Eligibility - 2 CFR § 200.303(a); 2 CFR § 200.501(g)
Known Questioned Costs: $0
Social Services cannot provide reasonable assurance that its contractor administered the Low-Income Household Water Assistance Program (LIHWAP) in compliance with federal statutes, regulations, and the terms and conditions of the federal award. Reasonable assurance is a high, but not absolute, level of assurance that the entity and its contractors have complied with federal laws and regulations.
The United States Department of Health and Human Services awarded approximately $25 million to Social Services to administer the LIHWAP federal grant program. The objective of the LIHWAP federal grant program is to meet unprecedented water services needs that arose during the COVID-19 pandemic and provide quick intervention to help the people facing high water or wastewater costs compared to their income in resuming and/or maintaining their home water or wastewater services.
Social Services partnered with a for-profit contractor to administer the program on its behalf due to resource limitations and the need to provide this assistance to individuals as quickly as possible. Through its contractual agreement, Social Services assumed ultimate responsibility for program compliance and incorporated certain measures into its contractual agreement to maintain compliance with federal laws and regulations. Specifically, Social Services was to agree on performance self-assessment criteria with the contractor within 30 calendar days of the execution of the project start date, then have the contractor prepare a monthly self-assessment to report on such criteria. Social Services then had ten business days, after the receipt of the contractor’s self-assessment, to audit the results of the contractor’s service level obligations and performance requirements and discuss any discrepancies with the contractor to determine if invoice or payment adjustments were necessary.
Because of the fast-paced nature of the program and the need to provide the assistance to individuals as quickly as possible, Social Services was unable to agree on the performance criteria with the contractor. As a result, Social Services did not receive the monthly self-assessments from the contractor and audit them in accordance with the contractual agreement. While Social Services did have on-going discussions with the contractor about program compliance and did perform periodic reviews of applicant records, these reviews did not follow a systematic process that provides reasonable assurance over the contractor’s compliance with program regulations.
Title 2 CFR § 200.501(g) states that the auditee is responsible for reviewing the contractor’s records to determine program compliance. Additionally, 2 CFR § 200.303(a) states that non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award. Since Social Services has not implemented the contractual provisions related to the vendor’s self-assessment reporting and performance auditing, we are unable to audit Social Services' compliance for the LIHWAP federal grant program and must disclaim an opinion on compliance for the program in the Commonwealth's Single Audit report. We also believe this matter represents a material weakness in internal control over compliance because there is a reasonable possibility that material noncompliance with a compliance requirement will not be prevented, or detected and corrected, on a timely basis.
The contract between Social Services and the contractor ends on December 31, 2023. Thereafter, the contractor will transfer program records to Social Services within the subsequent months. Social Services has until June 2024 to close out the LIHWAP federal grant program and should fulfill its responsibilities for auditing the contractor’s records for compliance before it closes the LIHWAP grant with the United States Department of Health and Human Services. Therefore, Social Services should implement an audit process that provides reasonable assurance that the contractor administered the LIHWAP federal grant program in accordance with federal statutes, regulations, and the terms and conditions of the federal award before it closes the grant award. Additionally, Social Services’ Executive Team should oversee the implementation of the audit process.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-105: Implement Internal Controls over TANF Federal Performance Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-103
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Reporting - 45 CFR § 265.7(b)
Known Questioned Costs: $0
Benefit Programs does not have adequate internal controls in place to ensure accurate reporting in the Administration for Children and Families (ACF) 199 TANF Data Report (ACF-199) and 209 Separate State Programs – Maintenance-of-Effort (SSP-MOE) Data Report (ACF-209). ACF requires Social Services to submit this data to ACF quarterly, and ACF uses the data to determine whether the Commonwealth met the minimum work participation requirements for the TANF federal grant program.
Benefit Programs uses a third-party service provider to produce and submit the ACF-199 and ACF-209 reports and relies solely on the service provider’s internal controls during the data extraction and data reporting process. During our review, we identified the following instances where the service provider did not report key line information accurately based on the information maintained in Social Services’ case management system or other supporting data and Benefit Programs did not detect or correct these errors before the service provider submitted the data to ACF:
Benefit Programs did not confirm that the reported information agreed to supporting data for three out of six (50%) of the “Total Number of TANF Families” key line items tested during the audit.
Benefit Programs did not confirm that the reported information agreed to supporting data for two out of six (33%) of the “Total Number of SSP-MOE Families” key line items tested during the audit.
Benefit Programs did not accurately report on the “Receives Subsidized Child Care” key line item for 14 out of 120 (12%) cases tested during the audit.
Benefit Programs did not accurately report on the “Number of Months Countable Toward Federal Time Clock” for six out of 120 (5%) cases tested during the audit.
Benefit Programs did not accurately report on the “Unsubsidized Employment” key line item for five out of 120 (4%) cases tested during the audit.
Benefit Programs did not accurately report on the “Work Participation Status” key line item for five out of 120 (4%) cases tested during the audit.
Benefit Programs did not accurately report on the “Hours of Participation” key line item for four out of 120 (3%) cases tested during the audit.
Benefit Programs did not accurately report on the “Work Eligible Individual Indicator” key line item for one out of 120 (<1%) cases tested during the audit.
Title 45 CFR §265.7(b) requires states to have complete and accurate reports, which means that the reported data accurately reflects information available in case records, are free of computational errors, and are internally consistent. Reporting potentially inaccurate or incomplete information prevents the ACF from adequately monitoring Social Services’ work participation rates and the overall performance for the TANF federal grant program. In addition, ACF can impose a penalty if it finds Social Services did not meet statutory required work participation rates.
Since the prior audit, Benefit Programs has worked with its service provider to analyze the reporting errors to determine the cause and appropriate actions to resolve these errors. However, because of its ongoing efforts to analyze and correct the reporting errors, Benefit Programs continues to rely on the error correction controls of the ACF, performed after report submission, and has not developed and implemented its own internal controls to obtain assurance over the accuracy of the data included within the service provider’s submissions. Because of the scope of this matter and errors noted above, we consider it to be a material weakness in internal control. Additionally, we believe this matter represents material noncompliance since Social Services did not fully comply with the provisions at 45 CFR § 265.7(b).
Benefit Programs should implement internal controls over the TANF performance reporting process and include a documented secondary review process of the service provider’s data. Benefit Programs should complete this review prior to the report submission to ensure accurate reporting of TANF work participation data to ACF in accordance with the ACF-199 and ACF-209 reporting instructions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-105: Implement Internal Controls over TANF Federal Performance Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-103
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Reporting - 45 CFR § 265.7(b)
Known Questioned Costs: $0
Benefit Programs does not have adequate internal controls in place to ensure accurate reporting in the Administration for Children and Families (ACF) 199 TANF Data Report (ACF-199) and 209 Separate State Programs – Maintenance-of-Effort (SSP-MOE) Data Report (ACF-209). ACF requires Social Services to submit this data to ACF quarterly, and ACF uses the data to determine whether the Commonwealth met the minimum work participation requirements for the TANF federal grant program.
Benefit Programs uses a third-party service provider to produce and submit the ACF-199 and ACF-209 reports and relies solely on the service provider’s internal controls during the data extraction and data reporting process. During our review, we identified the following instances where the service provider did not report key line information accurately based on the information maintained in Social Services’ case management system or other supporting data and Benefit Programs did not detect or correct these errors before the service provider submitted the data to ACF:
Benefit Programs did not confirm that the reported information agreed to supporting data for three out of six (50%) of the “Total Number of TANF Families” key line items tested during the audit.
Benefit Programs did not confirm that the reported information agreed to supporting data for two out of six (33%) of the “Total Number of SSP-MOE Families” key line items tested during the audit.
Benefit Programs did not accurately report on the “Receives Subsidized Child Care” key line item for 14 out of 120 (12%) cases tested during the audit.
Benefit Programs did not accurately report on the “Number of Months Countable Toward Federal Time Clock” for six out of 120 (5%) cases tested during the audit.
Benefit Programs did not accurately report on the “Unsubsidized Employment” key line item for five out of 120 (4%) cases tested during the audit.
Benefit Programs did not accurately report on the “Work Participation Status” key line item for five out of 120 (4%) cases tested during the audit.
Benefit Programs did not accurately report on the “Hours of Participation” key line item for four out of 120 (3%) cases tested during the audit.
Benefit Programs did not accurately report on the “Work Eligible Individual Indicator” key line item for one out of 120 (<1%) cases tested during the audit.
Title 45 CFR §265.7(b) requires states to have complete and accurate reports, which means that the reported data accurately reflects information available in case records, are free of computational errors, and are internally consistent. Reporting potentially inaccurate or incomplete information prevents the ACF from adequately monitoring Social Services’ work participation rates and the overall performance for the TANF federal grant program. In addition, ACF can impose a penalty if it finds Social Services did not meet statutory required work participation rates.
Since the prior audit, Benefit Programs has worked with its service provider to analyze the reporting errors to determine the cause and appropriate actions to resolve these errors. However, because of its ongoing efforts to analyze and correct the reporting errors, Benefit Programs continues to rely on the error correction controls of the ACF, performed after report submission, and has not developed and implemented its own internal controls to obtain assurance over the accuracy of the data included within the service provider’s submissions. Because of the scope of this matter and errors noted above, we consider it to be a material weakness in internal control. Additionally, we believe this matter represents material noncompliance since Social Services did not fully comply with the provisions at 45 CFR § 265.7(b).
Benefit Programs should implement internal controls over the TANF performance reporting process and include a documented secondary review process of the service provider’s data. Benefit Programs should complete this review prior to the report submission to ensure accurate reporting of TANF work participation data to ACF in accordance with the ACF-199 and ACF-209 reporting instructions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-105: Implement Internal Controls over TANF Federal Performance Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-103
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Material Weakness
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Reporting - 45 CFR § 265.7(b)
Known Questioned Costs: $0
Benefit Programs does not have adequate internal controls in place to ensure accurate reporting in the Administration for Children and Families (ACF) 199 TANF Data Report (ACF-199) and 209 Separate State Programs – Maintenance-of-Effort (SSP-MOE) Data Report (ACF-209). ACF requires Social Services to submit this data to ACF quarterly, and ACF uses the data to determine whether the Commonwealth met the minimum work participation requirements for the TANF federal grant program.
Benefit Programs uses a third-party service provider to produce and submit the ACF-199 and ACF-209 reports and relies solely on the service provider’s internal controls during the data extraction and data reporting process. During our review, we identified the following instances where the service provider did not report key line information accurately based on the information maintained in Social Services’ case management system or other supporting data and Benefit Programs did not detect or correct these errors before the service provider submitted the data to ACF:
Benefit Programs did not confirm that the reported information agreed to supporting data for three out of six (50%) of the “Total Number of TANF Families” key line items tested during the audit.
Benefit Programs did not confirm that the reported information agreed to supporting data for two out of six (33%) of the “Total Number of SSP-MOE Families” key line items tested during the audit.
Benefit Programs did not accurately report on the “Receives Subsidized Child Care” key line item for 14 out of 120 (12%) cases tested during the audit.
Benefit Programs did not accurately report on the “Number of Months Countable Toward Federal Time Clock” for six out of 120 (5%) cases tested during the audit.
Benefit Programs did not accurately report on the “Unsubsidized Employment” key line item for five out of 120 (4%) cases tested during the audit.
Benefit Programs did not accurately report on the “Work Participation Status” key line item for five out of 120 (4%) cases tested during the audit.
Benefit Programs did not accurately report on the “Hours of Participation” key line item for four out of 120 (3%) cases tested during the audit.
Benefit Programs did not accurately report on the “Work Eligible Individual Indicator” key line item for one out of 120 (<1%) cases tested during the audit.
Title 45 CFR §265.7(b) requires states to have complete and accurate reports, which means that the reported data accurately reflects information available in case records, are free of computational errors, and are internally consistent. Reporting potentially inaccurate or incomplete information prevents the ACF from adequately monitoring Social Services’ work participation rates and the overall performance for the TANF federal grant program. In addition, ACF can impose a penalty if it finds Social Services did not meet statutory required work participation rates.
Since the prior audit, Benefit Programs has worked with its service provider to analyze the reporting errors to determine the cause and appropriate actions to resolve these errors. However, because of its ongoing efforts to analyze and correct the reporting errors, Benefit Programs continues to rely on the error correction controls of the ACF, performed after report submission, and has not developed and implemented its own internal controls to obtain assurance over the accuracy of the data included within the service provider’s submissions. Because of the scope of this matter and errors noted above, we consider it to be a material weakness in internal control. Additionally, we believe this matter represents material noncompliance since Social Services did not fully comply with the provisions at 45 CFR § 265.7(b).
Benefit Programs should implement internal controls over the TANF performance reporting process and include a documented secondary review process of the service provider’s data. Benefit Programs should complete this review prior to the report submission to ensure accurate reporting of TANF work participation data to ACF in accordance with the ACF-199 and ACF-209 reporting instructions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-106: Implement Internal Controls over TANF Federal Special Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Reporting - 2 CFR § 200.303(a); 45 CFR § 75.361
Known Questioned Costs: $0
Benefit Programs does not have adequate internal controls in place to ensure reasonably accurate reporting in the ACF Annual Report on State Maintenance-of-Effort (MOE) Programs (ACF-204) for the TANF federal grant program. ACF requires Social Services to submit this data to ACF annually and ACF uses this information in reports to Congress about how TANF programs are evolving, in assessing State and Territory MOE expenditures, and in assessing the need for legislative changes. During our review, we identified the following:
Benefit Programs could not produce evidence to support a reasonable estimate for four out of six (66%) of the “Total number of families served under the program with MOE funds” key line items.
Benefit Programs appeared to use an estimation process that did not have a sound basis for two out of six (33%) of the “Total number of families served under the program with MOE funds” key line items.
Title 2 CFR § 200.303(a) requires the non-federal entity to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award. Further, 45 CFR § 75.361 requires that financial records, supporting documents, statistical records, and all other non-federal entity records pertinent to a federal award must be retained for a period of three years from the date of submission.
The ACF-204 Reporting Instructions allow states the flexibility to use reasonable estimates with a sound basis when actual numbers are not available. However, Benefit Programs has not dedicated the resources to implement appropriate internal controls and document its estimation and retention processes to demonstrate that it uses reasonable estimates with a sound basis to support the amounts reported in the ACF-204 report. Reporting potentially inaccurate information prevents the ACF from adequately monitoring Social Services’ MOE programs and the overall performance for the TANF federal grant program. Therefore, Benefit Programs should dedicate the necessary resources to implement internal controls over the TANF special reporting process and include documented estimation and retention processes to ensure reasonably accurate reporting of TANF MOE Programs to ACF in accordance with the ACF-204 reporting instructions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-106: Implement Internal Controls over TANF Federal Special Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Reporting - 2 CFR § 200.303(a); 45 CFR § 75.361
Known Questioned Costs: $0
Benefit Programs does not have adequate internal controls in place to ensure reasonably accurate reporting in the ACF Annual Report on State Maintenance-of-Effort (MOE) Programs (ACF-204) for the TANF federal grant program. ACF requires Social Services to submit this data to ACF annually and ACF uses this information in reports to Congress about how TANF programs are evolving, in assessing State and Territory MOE expenditures, and in assessing the need for legislative changes. During our review, we identified the following:
Benefit Programs could not produce evidence to support a reasonable estimate for four out of six (66%) of the “Total number of families served under the program with MOE funds” key line items.
Benefit Programs appeared to use an estimation process that did not have a sound basis for two out of six (33%) of the “Total number of families served under the program with MOE funds” key line items.
Title 2 CFR § 200.303(a) requires the non-federal entity to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award. Further, 45 CFR § 75.361 requires that financial records, supporting documents, statistical records, and all other non-federal entity records pertinent to a federal award must be retained for a period of three years from the date of submission.
The ACF-204 Reporting Instructions allow states the flexibility to use reasonable estimates with a sound basis when actual numbers are not available. However, Benefit Programs has not dedicated the resources to implement appropriate internal controls and document its estimation and retention processes to demonstrate that it uses reasonable estimates with a sound basis to support the amounts reported in the ACF-204 report. Reporting potentially inaccurate information prevents the ACF from adequately monitoring Social Services’ MOE programs and the overall performance for the TANF federal grant program. Therefore, Benefit Programs should dedicate the necessary resources to implement internal controls over the TANF special reporting process and include documented estimation and retention processes to ensure reasonably accurate reporting of TANF MOE Programs to ACF in accordance with the ACF-204 reporting instructions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-106: Implement Internal Controls over TANF Federal Special Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Temporary Assistance for Needy Families (TANF) - 93.558
Federal Award Number and Year: 2301VATANF - 2023
Name of Federal Agency: U.S. Department of Health and Human Services
Type of Compliance Requirement - Criteria: Reporting - 2 CFR § 200.303(a); 45 CFR § 75.361
Known Questioned Costs: $0
Benefit Programs does not have adequate internal controls in place to ensure reasonably accurate reporting in the ACF Annual Report on State Maintenance-of-Effort (MOE) Programs (ACF-204) for the TANF federal grant program. ACF requires Social Services to submit this data to ACF annually and ACF uses this information in reports to Congress about how TANF programs are evolving, in assessing State and Territory MOE expenditures, and in assessing the need for legislative changes. During our review, we identified the following:
Benefit Programs could not produce evidence to support a reasonable estimate for four out of six (66%) of the “Total number of families served under the program with MOE funds” key line items.
Benefit Programs appeared to use an estimation process that did not have a sound basis for two out of six (33%) of the “Total number of families served under the program with MOE funds” key line items.
Title 2 CFR § 200.303(a) requires the non-federal entity to establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award. Further, 45 CFR § 75.361 requires that financial records, supporting documents, statistical records, and all other non-federal entity records pertinent to a federal award must be retained for a period of three years from the date of submission.
The ACF-204 Reporting Instructions allow states the flexibility to use reasonable estimates with a sound basis when actual numbers are not available. However, Benefit Programs has not dedicated the resources to implement appropriate internal controls and document its estimation and retention processes to demonstrate that it uses reasonable estimates with a sound basis to support the amounts reported in the ACF-204 report. Reporting potentially inaccurate information prevents the ACF from adequately monitoring Social Services’ MOE programs and the overall performance for the TANF federal grant program. Therefore, Benefit Programs should dedicate the necessary resources to implement internal controls over the TANF special reporting process and include documented estimation and retention processes to ensure reasonably accurate reporting of TANF MOE Programs to ACF in accordance with the ACF-204 reporting instructions.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-107: Strengthen Internal Controls over FFATA Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-106
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Reporting - 2 CFR Part 170 Appendix A
Known Questioned Costs: $0
Finance does not maintain adequate internal control over Federal Funding Accountability and Transparency Act (FFATA) reporting. FFATA reporting is intended to provide full disclosure of how entities and organizations are obligating federal funding. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards. During our audit of the TANF, Refugee and Entrant Assistance State/Replacement Designee Administered Programs (Refugee Assistance), and Victims of Crime Act (VOCA) federal grant programs, we noted the following deviations from Finance’s policy:
Finance did not complete FFATA reporting submissions for 106 of 205 (52%) of the grant year 2023 TANF subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $7.9 million from these subawards during the fiscal year. Finance did not report TANF subawards to FFATA Subaward Reporting System (FSRS) because program personnel did not submit the required information to Finance to report in FSRS.
Finance did not complete FFATA reporting submissions for three of 17 (18%) of the grant year 2023 Refugee Assistance subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $126,000 from these subawards during the fiscal year. Finance did not report Refugee Assistance subawards to FSRS for these three subawards because the initial subaward amount was less than $30,000 and program personnel did not inform Finance that subsequent subaward modifications increased the subaward value to over $30,000.
Finance did not complete FFATA reporting submissions for grant year 2023 VOCA subawards during fiscal year 2023. Social Services disbursed approximately $3.5 million from 129 subawards during the fiscal year. Social Services did not report this information to FSRS because it inadvertently assumed that it was a subrecipient of the Department of Criminal Justice Services and did not need to complete FFATA reporting as required by the VOCA Grant Special Conditions document.
Title 2 CFR Part 170 Appendix A requires the non-federal entity to report each obligating action exceeding $30,000 to the FSRS. Further, Title 2 CFR Part 170 Appendix A requires the non-federal entity to submit subaward information no later than the end of the month following the month in which it made the obligation. Finally, 2 CFR §200.303(a) states that the non-federal entity must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
The decentralized nature of Social Services’ grants management practices and the volume of subawards elevates the risk that Finance will not report all subaward information to FSRS. Although Finance sent periodic email reminders to program staff responsible for submitting FFATA data to Finance for submission to FSRS, program personnel overlooked a significant percentage of these submissions because of turnover and a lack of familiarity with FFATA reporting requirements. Additionally, Finance did not have a compensating internal control in place to detect subawards that it did not report to FSRS.
When Social Services does not upload all obligating actions meeting the reporting threshold to FSRS as required, a citizen or federal official may have a distorted view as to how Social Services is obligating federal funds. Therefore, Finance should continue to remind program personnel to submit required FFATA subaward reporting information to them and revise its policy to reflect any changes in its processes. Additionally, Finance should consider periodically checking Social Services’ financial records to determine if there are instances where program personnel are not submitting the required FFATA subaward reporting information. If so, Finance should collect this information from them promptly to comply with the FFATA reporting requirements.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-107: Strengthen Internal Controls over FFATA Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-106
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Reporting - 2 CFR Part 170 Appendix A
Known Questioned Costs: $0
Finance does not maintain adequate internal control over Federal Funding Accountability and Transparency Act (FFATA) reporting. FFATA reporting is intended to provide full disclosure of how entities and organizations are obligating federal funding. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards. During our audit of the TANF, Refugee and Entrant Assistance State/Replacement Designee Administered Programs (Refugee Assistance), and Victims of Crime Act (VOCA) federal grant programs, we noted the following deviations from Finance’s policy:
Finance did not complete FFATA reporting submissions for 106 of 205 (52%) of the grant year 2023 TANF subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $7.9 million from these subawards during the fiscal year. Finance did not report TANF subawards to FFATA Subaward Reporting System (FSRS) because program personnel did not submit the required information to Finance to report in FSRS.
Finance did not complete FFATA reporting submissions for three of 17 (18%) of the grant year 2023 Refugee Assistance subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $126,000 from these subawards during the fiscal year. Finance did not report Refugee Assistance subawards to FSRS for these three subawards because the initial subaward amount was less than $30,000 and program personnel did not inform Finance that subsequent subaward modifications increased the subaward value to over $30,000.
Finance did not complete FFATA reporting submissions for grant year 2023 VOCA subawards during fiscal year 2023. Social Services disbursed approximately $3.5 million from 129 subawards during the fiscal year. Social Services did not report this information to FSRS because it inadvertently assumed that it was a subrecipient of the Department of Criminal Justice Services and did not need to complete FFATA reporting as required by the VOCA Grant Special Conditions document.
Title 2 CFR Part 170 Appendix A requires the non-federal entity to report each obligating action exceeding $30,000 to the FSRS. Further, Title 2 CFR Part 170 Appendix A requires the non-federal entity to submit subaward information no later than the end of the month following the month in which it made the obligation. Finally, 2 CFR §200.303(a) states that the non-federal entity must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
The decentralized nature of Social Services’ grants management practices and the volume of subawards elevates the risk that Finance will not report all subaward information to FSRS. Although Finance sent periodic email reminders to program staff responsible for submitting FFATA data to Finance for submission to FSRS, program personnel overlooked a significant percentage of these submissions because of turnover and a lack of familiarity with FFATA reporting requirements. Additionally, Finance did not have a compensating internal control in place to detect subawards that it did not report to FSRS.
When Social Services does not upload all obligating actions meeting the reporting threshold to FSRS as required, a citizen or federal official may have a distorted view as to how Social Services is obligating federal funds. Therefore, Finance should continue to remind program personnel to submit required FFATA subaward reporting information to them and revise its policy to reflect any changes in its processes. Additionally, Finance should consider periodically checking Social Services’ financial records to determine if there are instances where program personnel are not submitting the required FFATA subaward reporting information. If so, Finance should collect this information from them promptly to comply with the FFATA reporting requirements.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-107: Strengthen Internal Controls over FFATA Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-106
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Reporting - 2 CFR Part 170 Appendix A
Known Questioned Costs: $0
Finance does not maintain adequate internal control over Federal Funding Accountability and Transparency Act (FFATA) reporting. FFATA reporting is intended to provide full disclosure of how entities and organizations are obligating federal funding. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards. During our audit of the TANF, Refugee and Entrant Assistance State/Replacement Designee Administered Programs (Refugee Assistance), and Victims of Crime Act (VOCA) federal grant programs, we noted the following deviations from Finance’s policy:
Finance did not complete FFATA reporting submissions for 106 of 205 (52%) of the grant year 2023 TANF subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $7.9 million from these subawards during the fiscal year. Finance did not report TANF subawards to FFATA Subaward Reporting System (FSRS) because program personnel did not submit the required information to Finance to report in FSRS.
Finance did not complete FFATA reporting submissions for three of 17 (18%) of the grant year 2023 Refugee Assistance subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $126,000 from these subawards during the fiscal year. Finance did not report Refugee Assistance subawards to FSRS for these three subawards because the initial subaward amount was less than $30,000 and program personnel did not inform Finance that subsequent subaward modifications increased the subaward value to over $30,000.
Finance did not complete FFATA reporting submissions for grant year 2023 VOCA subawards during fiscal year 2023. Social Services disbursed approximately $3.5 million from 129 subawards during the fiscal year. Social Services did not report this information to FSRS because it inadvertently assumed that it was a subrecipient of the Department of Criminal Justice Services and did not need to complete FFATA reporting as required by the VOCA Grant Special Conditions document.
Title 2 CFR Part 170 Appendix A requires the non-federal entity to report each obligating action exceeding $30,000 to the FSRS. Further, Title 2 CFR Part 170 Appendix A requires the non-federal entity to submit subaward information no later than the end of the month following the month in which it made the obligation. Finally, 2 CFR §200.303(a) states that the non-federal entity must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
The decentralized nature of Social Services’ grants management practices and the volume of subawards elevates the risk that Finance will not report all subaward information to FSRS. Although Finance sent periodic email reminders to program staff responsible for submitting FFATA data to Finance for submission to FSRS, program personnel overlooked a significant percentage of these submissions because of turnover and a lack of familiarity with FFATA reporting requirements. Additionally, Finance did not have a compensating internal control in place to detect subawards that it did not report to FSRS.
When Social Services does not upload all obligating actions meeting the reporting threshold to FSRS as required, a citizen or federal official may have a distorted view as to how Social Services is obligating federal funds. Therefore, Finance should continue to remind program personnel to submit required FFATA subaward reporting information to them and revise its policy to reflect any changes in its processes. Additionally, Finance should consider periodically checking Social Services’ financial records to determine if there are instances where program personnel are not submitting the required FFATA subaward reporting information. If so, Finance should collect this information from them promptly to comply with the FFATA reporting requirements.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-107: Strengthen Internal Controls over FFATA Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-106
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Reporting - 2 CFR Part 170 Appendix A
Known Questioned Costs: $0
Finance does not maintain adequate internal control over Federal Funding Accountability and Transparency Act (FFATA) reporting. FFATA reporting is intended to provide full disclosure of how entities and organizations are obligating federal funding. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards. During our audit of the TANF, Refugee and Entrant Assistance State/Replacement Designee Administered Programs (Refugee Assistance), and Victims of Crime Act (VOCA) federal grant programs, we noted the following deviations from Finance’s policy:
Finance did not complete FFATA reporting submissions for 106 of 205 (52%) of the grant year 2023 TANF subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $7.9 million from these subawards during the fiscal year. Finance did not report TANF subawards to FFATA Subaward Reporting System (FSRS) because program personnel did not submit the required information to Finance to report in FSRS.
Finance did not complete FFATA reporting submissions for three of 17 (18%) of the grant year 2023 Refugee Assistance subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $126,000 from these subawards during the fiscal year. Finance did not report Refugee Assistance subawards to FSRS for these three subawards because the initial subaward amount was less than $30,000 and program personnel did not inform Finance that subsequent subaward modifications increased the subaward value to over $30,000.
Finance did not complete FFATA reporting submissions for grant year 2023 VOCA subawards during fiscal year 2023. Social Services disbursed approximately $3.5 million from 129 subawards during the fiscal year. Social Services did not report this information to FSRS because it inadvertently assumed that it was a subrecipient of the Department of Criminal Justice Services and did not need to complete FFATA reporting as required by the VOCA Grant Special Conditions document.
Title 2 CFR Part 170 Appendix A requires the non-federal entity to report each obligating action exceeding $30,000 to the FSRS. Further, Title 2 CFR Part 170 Appendix A requires the non-federal entity to submit subaward information no later than the end of the month following the month in which it made the obligation. Finally, 2 CFR §200.303(a) states that the non-federal entity must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
The decentralized nature of Social Services’ grants management practices and the volume of subawards elevates the risk that Finance will not report all subaward information to FSRS. Although Finance sent periodic email reminders to program staff responsible for submitting FFATA data to Finance for submission to FSRS, program personnel overlooked a significant percentage of these submissions because of turnover and a lack of familiarity with FFATA reporting requirements. Additionally, Finance did not have a compensating internal control in place to detect subawards that it did not report to FSRS.
When Social Services does not upload all obligating actions meeting the reporting threshold to FSRS as required, a citizen or federal official may have a distorted view as to how Social Services is obligating federal funds. Therefore, Finance should continue to remind program personnel to submit required FFATA subaward reporting information to them and revise its policy to reflect any changes in its processes. Additionally, Finance should consider periodically checking Social Services’ financial records to determine if there are instances where program personnel are not submitting the required FFATA subaward reporting information. If so, Finance should collect this information from them promptly to comply with the FFATA reporting requirements.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-107: Strengthen Internal Controls over FFATA Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-106
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Reporting - 2 CFR Part 170 Appendix A
Known Questioned Costs: $0
Finance does not maintain adequate internal control over Federal Funding Accountability and Transparency Act (FFATA) reporting. FFATA reporting is intended to provide full disclosure of how entities and organizations are obligating federal funding. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards. During our audit of the TANF, Refugee and Entrant Assistance State/Replacement Designee Administered Programs (Refugee Assistance), and Victims of Crime Act (VOCA) federal grant programs, we noted the following deviations from Finance’s policy:
Finance did not complete FFATA reporting submissions for 106 of 205 (52%) of the grant year 2023 TANF subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $7.9 million from these subawards during the fiscal year. Finance did not report TANF subawards to FFATA Subaward Reporting System (FSRS) because program personnel did not submit the required information to Finance to report in FSRS.
Finance did not complete FFATA reporting submissions for three of 17 (18%) of the grant year 2023 Refugee Assistance subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $126,000 from these subawards during the fiscal year. Finance did not report Refugee Assistance subawards to FSRS for these three subawards because the initial subaward amount was less than $30,000 and program personnel did not inform Finance that subsequent subaward modifications increased the subaward value to over $30,000.
Finance did not complete FFATA reporting submissions for grant year 2023 VOCA subawards during fiscal year 2023. Social Services disbursed approximately $3.5 million from 129 subawards during the fiscal year. Social Services did not report this information to FSRS because it inadvertently assumed that it was a subrecipient of the Department of Criminal Justice Services and did not need to complete FFATA reporting as required by the VOCA Grant Special Conditions document.
Title 2 CFR Part 170 Appendix A requires the non-federal entity to report each obligating action exceeding $30,000 to the FSRS. Further, Title 2 CFR Part 170 Appendix A requires the non-federal entity to submit subaward information no later than the end of the month following the month in which it made the obligation. Finally, 2 CFR §200.303(a) states that the non-federal entity must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
The decentralized nature of Social Services’ grants management practices and the volume of subawards elevates the risk that Finance will not report all subaward information to FSRS. Although Finance sent periodic email reminders to program staff responsible for submitting FFATA data to Finance for submission to FSRS, program personnel overlooked a significant percentage of these submissions because of turnover and a lack of familiarity with FFATA reporting requirements. Additionally, Finance did not have a compensating internal control in place to detect subawards that it did not report to FSRS.
When Social Services does not upload all obligating actions meeting the reporting threshold to FSRS as required, a citizen or federal official may have a distorted view as to how Social Services is obligating federal funds. Therefore, Finance should continue to remind program personnel to submit required FFATA subaward reporting information to them and revise its policy to reflect any changes in its processes. Additionally, Finance should consider periodically checking Social Services’ financial records to determine if there are instances where program personnel are not submitting the required FFATA subaward reporting information. If so, Finance should collect this information from them promptly to comply with the FFATA reporting requirements.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-107: Strengthen Internal Controls over FFATA Reporting
Applicable to: Department of Social Services
Prior Year Finding Number: 2022-106
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575; Temporary Assistance for Needy Families (TANF) - 93.558; Refugee and Entrant Assistance State/Replacement Designee Administered Programs - 93.566
Federal Award Number and Year: 2301VATANF; 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI; 2301VARSSS; 2301VARCMA - 2023
Name of Federal Agency: U.S. Department of Health and Human Services; U.S. Department of Justice
Type of Compliance Requirement - Criteria: Reporting - 2 CFR Part 170 Appendix A
Known Questioned Costs: $0
Finance does not maintain adequate internal control over Federal Funding Accountability and Transparency Act (FFATA) reporting. FFATA reporting is intended to provide full disclosure of how entities and organizations are obligating federal funding. During fiscal year 2023, Social Services disbursed approximately $619 million in federal funds from roughly 5,400 subawards. During our audit of the TANF, Refugee and Entrant Assistance State/Replacement Designee Administered Programs (Refugee Assistance), and Victims of Crime Act (VOCA) federal grant programs, we noted the following deviations from Finance’s policy:
Finance did not complete FFATA reporting submissions for 106 of 205 (52%) of the grant year 2023 TANF subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $7.9 million from these subawards during the fiscal year. Finance did not report TANF subawards to FFATA Subaward Reporting System (FSRS) because program personnel did not submit the required information to Finance to report in FSRS.
Finance did not complete FFATA reporting submissions for three of 17 (18%) of the grant year 2023 Refugee Assistance subawards that spent $30,000 or more during fiscal year 2023. Social Services disbursed approximately $126,000 from these subawards during the fiscal year. Finance did not report Refugee Assistance subawards to FSRS for these three subawards because the initial subaward amount was less than $30,000 and program personnel did not inform Finance that subsequent subaward modifications increased the subaward value to over $30,000.
Finance did not complete FFATA reporting submissions for grant year 2023 VOCA subawards during fiscal year 2023. Social Services disbursed approximately $3.5 million from 129 subawards during the fiscal year. Social Services did not report this information to FSRS because it inadvertently assumed that it was a subrecipient of the Department of Criminal Justice Services and did not need to complete FFATA reporting as required by the VOCA Grant Special Conditions document.
Title 2 CFR Part 170 Appendix A requires the non-federal entity to report each obligating action exceeding $30,000 to the FSRS. Further, Title 2 CFR Part 170 Appendix A requires the non-federal entity to submit subaward information no later than the end of the month following the month in which it made the obligation. Finally, 2 CFR §200.303(a) states that the non-federal entity must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
The decentralized nature of Social Services’ grants management practices and the volume of subawards elevates the risk that Finance will not report all subaward information to FSRS. Although Finance sent periodic email reminders to program staff responsible for submitting FFATA data to Finance for submission to FSRS, program personnel overlooked a significant percentage of these submissions because of turnover and a lack of familiarity with FFATA reporting requirements. Additionally, Finance did not have a compensating internal control in place to detect subawards that it did not report to FSRS.
When Social Services does not upload all obligating actions meeting the reporting threshold to FSRS as required, a citizen or federal official may have a distorted view as to how Social Services is obligating federal funds. Therefore, Finance should continue to remind program personnel to submit required FFATA subaward reporting information to them and revise its policy to reflect any changes in its processes. Additionally, Finance should consider periodically checking Social Services’ financial records to determine if there are instances where program personnel are not submitting the required FFATA subaward reporting information. If so, Finance should collect this information from them promptly to comply with the FFATA reporting requirements.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-108: Confirm Subrecipient Suspension or Debarment Status
Applicable to: Department of Criminal Justice Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575
Federal Award Number and Year: 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI - 2019; 2020; 2021
Name of Federal Agency: U.S. Department of Justice
Type of Compliance Requirement - Criteria: Procurement and Suspension and Debarment - 2 CFR Part 180
Known Questioned Costs: $0
The Office of Grants Management (Grants Management) could not confirm that 14 (58%) Victim of Crime Act grant subrecipients tested certified their suspension or debarment status prior to awarding the subrecipient funds. Title 2 U.S. Code of Federal Regulations (CFR) part 180 restricts awards, subawards, and contracts with certain parties that are debarred, suspended, or otherwise excluded from or ineligible for participation in federal assistance programs or activities.
While management was aware of the requirement, program staff inadvertently omitted the suspension and debarment certification form from the subrecipient’s application documents. Grants Management places Criminal Justice Services at risk of providing federal funds to subrecipients who are ineligible for participating in federal assistance programs. Grants Management should ensure it confirms a subrecipient’s suspension or debarment status prior to awarding grant funds.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-108: Confirm Subrecipient Suspension or Debarment Status
Applicable to: Department of Criminal Justice Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575
Federal Award Number and Year: 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI - 2019; 2020; 2021
Name of Federal Agency: U.S. Department of Justice
Type of Compliance Requirement - Criteria: Procurement and Suspension and Debarment - 2 CFR Part 180
Known Questioned Costs: $0
The Office of Grants Management (Grants Management) could not confirm that 14 (58%) Victim of Crime Act grant subrecipients tested certified their suspension or debarment status prior to awarding the subrecipient funds. Title 2 U.S. Code of Federal Regulations (CFR) part 180 restricts awards, subawards, and contracts with certain parties that are debarred, suspended, or otherwise excluded from or ineligible for participation in federal assistance programs or activities.
While management was aware of the requirement, program staff inadvertently omitted the suspension and debarment certification form from the subrecipient’s application documents. Grants Management places Criminal Justice Services at risk of providing federal funds to subrecipients who are ineligible for participating in federal assistance programs. Grants Management should ensure it confirms a subrecipient’s suspension or debarment status prior to awarding grant funds.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-109: Ensure Compliance with FFATA Reporting Requirements
Applicable to: Department of Criminal Justice Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575
Federal Award Number and Year: 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI - 2019; 2020; 2021
Name of Federal Agency: U.S. Department of Justice
Type of Compliance Requirement - Criteria: Reporting - 2 CFR Part 170 Appendix A
Known Questioned Costs: $0
Grants Management did not accurately and timely complete Federal Funding Accountability and Transparency Act (FFATA) reporting for the Victim of Crime Act grant. A review of 24 subrecipients’ FFATA reports identified:
An incorrect subaward amount for one subrecipient;
Missing FFATA report submission dates for nine subrecipients;
Incorrect subaward obligation/action dates for eleven subrecipients;
No FFATA report submission for one subrecipient; and
Untimely FFATA report submissions for ten subrecipients.
Title 2 CFR Part 170 Appendix A requires the non-federal entity to report each obligating action, exceeding $30,000, to the FFATA Subaward Reporting System (FSRS). During state fiscal year 2023, Criminal Justice Services disbursed approximately $46 million in Victim of Crime Act grant funds to subrecipients. Failure to submit FFATA reports, or including errors in reports, may result in a citizen or federal official having a distorted view of how Criminal Justice Services obligates Victim of Crime Act grant funds. Grants Management staff lack the necessary training to ensure that FFATA reporting requirements were met. Grants Management should properly train staff on FFATA reporting requirements to ensure that its subrecipients’ information is properly reported.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-109: Ensure Compliance with FFATA Reporting Requirements
Applicable to: Department of Criminal Justice Services
Prior Year Finding Number: N/A
Type of Finding: Internal Control and Compliance
Severity of Deficiency: Significant Deficiency
Information System Security Control Family: N/A
ALPT or Cluster Name and ALN: Crime Victim Assistance - 16.575
Federal Award Number and Year: 2019-V2-GX-0054; 2020-V2-GX-0048; 15POVC-21-GG-00602-ASSI - 2019; 2020; 2021
Name of Federal Agency: U.S. Department of Justice
Type of Compliance Requirement - Criteria: Reporting - 2 CFR Part 170 Appendix A
Known Questioned Costs: $0
Grants Management did not accurately and timely complete Federal Funding Accountability and Transparency Act (FFATA) reporting for the Victim of Crime Act grant. A review of 24 subrecipients’ FFATA reports identified:
An incorrect subaward amount for one subrecipient;
Missing FFATA report submission dates for nine subrecipients;
Incorrect subaward obligation/action dates for eleven subrecipients;
No FFATA report submission for one subrecipient; and
Untimely FFATA report submissions for ten subrecipients.
Title 2 CFR Part 170 Appendix A requires the non-federal entity to report each obligating action, exceeding $30,000, to the FFATA Subaward Reporting System (FSRS). During state fiscal year 2023, Criminal Justice Services disbursed approximately $46 million in Victim of Crime Act grant funds to subrecipients. Failure to submit FFATA reports, or including errors in reports, may result in a citizen or federal official having a distorted view of how Criminal Justice Services obligates Victim of Crime Act grant funds. Grants Management staff lack the necessary training to ensure that FFATA reporting requirements were met. Grants Management should properly train staff on FFATA reporting requirements to ensure that its subrecipients’ information is properly reported.
Views of Responsible Officials:
Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.