2 C.F.R. § 3474.1 gives regulatory effect to the Department of Education for 2 C.F.R. § 200.313(d)(1) which states, that property records must be maintained that include a description of the property, a serial number or other identification number, the source of funding for the property (including the Federal award identification number), who holds title, the acquisition date, and cost of the property, percentage of Federal participation in the project costs for the Federal award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the date of disposal and sales price of the property.
School District Policy po7450 states that "equipment" shall mean a unit of furniture or furnishings, an instrument, a machine, an apparatus, or a set of articles which retains its shape and appearance with use, is nonexpendable, costs at least $300 to replace as a single unit and does not lose its identity when incorporated into a more complex unit. When defining supplies for inventory purposes, no items will be counted whose total value is less than $500.
The School District purchased 93 BenQ boards totaling $ 247,456; shelving set units totaling $5,792; and table and stools in the amount of $2,180 using their American Rescue Plan Education Stabilization Fund AL #84.425U federal funding. The purchase was coded to supplies instead of equipment and thus was not flagged in the system to add to inventory. Due to lack of proper internal controls over Federal Grants management, the School District failed to flag and record these purchases in their capital asset records.
The Treasurer should ensure all capital acquisitions are added to the capital asset listing and include all required information in the listing, noting the assets were purchased with federal funds.
2 C.F.R. § 3474.1 gives regulatory effect to the Department of Education for 2 C.F.R. § 200.313(d)(1) which states, that property records must be maintained that include a description of the property, a serial number or other identification number, the source of funding for the property (including the Federal award identification number), who holds title, the acquisition date, and cost of the property, percentage of Federal participation in the project costs for the Federal award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the date of disposal and sales price of the property.
School District Policy po7450 states that "equipment" shall mean a unit of furniture or furnishings, an instrument, a machine, an apparatus, or a set of articles which retains its shape and appearance with use, is nonexpendable, costs at least $300 to replace as a single unit and does not lose its identity when incorporated into a more complex unit. When defining supplies for inventory purposes, no items will be counted whose total value is less than $500.
The School District purchased 93 BenQ boards totaling $ 247,456; shelving set units totaling $5,792; and table and stools in the amount of $2,180 using their American Rescue Plan Education Stabilization Fund AL #84.425U federal funding. The purchase was coded to supplies instead of equipment and thus was not flagged in the system to add to inventory. Due to lack of proper internal controls over Federal Grants management, the School District failed to flag and record these purchases in their capital asset records.
The Treasurer should ensure all capital acquisitions are added to the capital asset listing and include all required information in the listing, noting the assets were purchased with federal funds.
2 C.F.R. § 3474.1 gives regulatory effect to the Department of Education for 2 C.F.R. § 200.313(d)(1) which states, that property records must be maintained that include a description of the property, a serial number or other identification number, the source of funding for the property (including the Federal award identification number), who holds title, the acquisition date, and cost of the property, percentage of Federal participation in the project costs for the Federal award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the date of disposal and sales price of the property.
School District Policy po7450 states that "equipment" shall mean a unit of furniture or furnishings, an instrument, a machine, an apparatus, or a set of articles which retains its shape and appearance with use, is nonexpendable, costs at least $300 to replace as a single unit and does not lose its identity when incorporated into a more complex unit. When defining supplies for inventory purposes, no items will be counted whose total value is less than $500.
The School District purchased 93 BenQ boards totaling $ 247,456; shelving set units totaling $5,792; and table and stools in the amount of $2,180 using their American Rescue Plan Education Stabilization Fund AL #84.425U federal funding. The purchase was coded to supplies instead of equipment and thus was not flagged in the system to add to inventory. Due to lack of proper internal controls over Federal Grants management, the School District failed to flag and record these purchases in their capital asset records.
The Treasurer should ensure all capital acquisitions are added to the capital asset listing and include all required information in the listing, noting the assets were purchased with federal funds.
2 C.F.R. § 3474.1 gives regulatory effect to the Department of Education for 2 C.F.R. § 200.313(d)(1) which states, that property records must be maintained that include a description of the property, a serial number or other identification number, the source of funding for the property (including the Federal award identification number), who holds title, the acquisition date, and cost of the property, percentage of Federal participation in the project costs for the Federal award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the date of disposal and sales price of the property.
School District Policy po7450 states that "equipment" shall mean a unit of furniture or furnishings, an instrument, a machine, an apparatus, or a set of articles which retains its shape and appearance with use, is nonexpendable, costs at least $300 to replace as a single unit and does not lose its identity when incorporated into a more complex unit. When defining supplies for inventory purposes, no items will be counted whose total value is less than $500.
The School District purchased 93 BenQ boards totaling $ 247,456; shelving set units totaling $5,792; and table and stools in the amount of $2,180 using their American Rescue Plan Education Stabilization Fund AL #84.425U federal funding. The purchase was coded to supplies instead of equipment and thus was not flagged in the system to add to inventory. Due to lack of proper internal controls over Federal Grants management, the School District failed to flag and record these purchases in their capital asset records.
The Treasurer should ensure all capital acquisitions are added to the capital asset listing and include all required information in the listing, noting the assets were purchased with federal funds.
2 C.F.R. § 3474.1 gives regulatory effect to the Department of Education for 2 C.F.R. § 200.313(d)(1) which states, that property records must be maintained that include a description of the property, a serial number or other identification number, the source of funding for the property (including the Federal award identification number), who holds title, the acquisition date, and cost of the property, percentage of Federal participation in the project costs for the Federal award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the date of disposal and sales price of the property.
School District Policy po7450 states that "equipment" shall mean a unit of furniture or furnishings, an instrument, a machine, an apparatus, or a set of articles which retains its shape and appearance with use, is nonexpendable, costs at least $300 to replace as a single unit and does not lose its identity when incorporated into a more complex unit. When defining supplies for inventory purposes, no items will be counted whose total value is less than $500.
The School District purchased 93 BenQ boards totaling $ 247,456; shelving set units totaling $5,792; and table and stools in the amount of $2,180 using their American Rescue Plan Education Stabilization Fund AL #84.425U federal funding. The purchase was coded to supplies instead of equipment and thus was not flagged in the system to add to inventory. Due to lack of proper internal controls over Federal Grants management, the School District failed to flag and record these purchases in their capital asset records.
The Treasurer should ensure all capital acquisitions are added to the capital asset listing and include all required information in the listing, noting the assets were purchased with federal funds.
2 C.F.R. § 3474.1 gives regulatory effect to the Department of Education for 2 C.F.R. § 200.313(d)(1) which states, that property records must be maintained that include a description of the property, a serial number or other identification number, the source of funding for the property (including the Federal award identification number), who holds title, the acquisition date, and cost of the property, percentage of Federal participation in the project costs for the Federal award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the date of disposal and sales price of the property.
School District Policy po7450 states that "equipment" shall mean a unit of furniture or furnishings, an instrument, a machine, an apparatus, or a set of articles which retains its shape and appearance with use, is nonexpendable, costs at least $300 to replace as a single unit and does not lose its identity when incorporated into a more complex unit. When defining supplies for inventory purposes, no items will be counted whose total value is less than $500.
The School District purchased 93 BenQ boards totaling $ 247,456; shelving set units totaling $5,792; and table and stools in the amount of $2,180 using their American Rescue Plan Education Stabilization Fund AL #84.425U federal funding. The purchase was coded to supplies instead of equipment and thus was not flagged in the system to add to inventory. Due to lack of proper internal controls over Federal Grants management, the School District failed to flag and record these purchases in their capital asset records.
The Treasurer should ensure all capital acquisitions are added to the capital asset listing and include all required information in the listing, noting the assets were purchased with federal funds.