Finding No. 2023-002: Inaccurate Property Management Records
AL Numbers: Various
Program Name: Research and Development Cluster
Corrective Action: As noted in the finding, in January 2024, the University conducted a full federal equipment inventory to update property records to ensure accuracy of fe...
Finding No. 2023-002: Inaccurate Property Management Records
AL Numbers: Various
Program Name: Research and Development Cluster
Corrective Action: As noted in the finding, in January 2024, the University conducted a full federal equipment inventory to update property records to ensure accuracy of federally funded equipment.
Process Improvements:
- The University will update its Equipment Disposal Form to align with the University’s Property Management System Manual.
- The Central Accounting team will create and publish equipment tagging, disposal guidance and standards to coincide with the updated Equipment Disposal Form.
- Annual federal equipment inventory process will be updated to include escalation procedures. This will require outstanding reports are escalated to the appropriate divisional designee.
Expected Implementation: June 30, 2024
Training:
- All departments of the University will be sent a memo outlining the updated Equipment Disposal Form and process guide, and inventory escalation procedure.
- The Central Accounting team will schedule virtual training with all equipment coordinators.
Expected Implementation: October 31, 2024
System Improvement:
- The University is researching equipment tagging software alternatives that will enhance tracking capabilities and enable asset tagging at a more granular level.
Expected Implementation: March 31, 2025
Contact: Kathy Conrad and Craig Elmore