Audit 401645

Title 2 U. S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance), specifically 2 CFR 200.313(d), require records to adequately identify the source and application of federally-funded activities and property records must be maintained that include a description of the property, a serial number or other identification number, source of funding for the property (including the FAIN), title holder, acquisition date, cost of the property, percentage of Federal participation in the project costs for the Federal award under which the property was acquired, location, use and condition of the property, and any ultimate disposition data including the date of disposal and sale price of the property. The Board failed to properly categorize as capital outlay $813,445.83 of Education Stabilization Fund expenditures. Additionally, the Board failed to record purchases totaling $636,930.43 from the Education Stabilization Fund as capital assets. Property records of the Board did not contain the required information for capital expenditures from the COVID-19 Education Stabilization Fund. The Board failed to ensure expenditures were properly classified and capital assets were added to the capital asset listing. As a result, COVID-19 Education Stabilization Fund expenditures were not properly classified, and all property was not accurately reflected on the property records.