Views of responsible officials and planned corrective actions: Management agrees with this finding and will put procedures in place to maintain adequate property records.
Action Plan:
Develop a workbook to document all property records in compliance with CFR requirements.
o Create a spreadsheet wi...
Views of responsible officials and planned corrective actions: Management agrees with this finding and will put procedures in place to maintain adequate property records.
Action Plan:
Develop a workbook to document all property records in compliance with CFR requirements.
o Create a spreadsheet with the required fields (i.e., item description,
acquisition date, cost, funding source, location, condition, disposal status).
o Align data fields with CFR property requirements.
o The anticipated completion date is May 30, 2025, with an updated monthly review.Extract fixed asset purchase records from eFinance and compare them to the latest
audit fixed asset listing.
o Pull all of the fixed asset account codes since the last completed audit
(FY22).
o Priority- focus on items purchased with federal funds.
o The anticipated completion date is May 30, 2025, with an updated monthly review.
Conduct a physical inventory to verify the present of all listed assets.
o Use the workbook developed above as the inventory list to begin physical inventory.
o Designate staff to conduct physical verification.
o Check each item’s presence, condition, and tag number against records
o Use asset tags or serial numbers for tracking.
o Note missing, unrecorded, or damaged assets for follow-up.
o Adjust the property workbook as needed.
o Submit a summary of discrepancies and corrective actions to the Executive Director.
o The anticipated completion date is June 30, 2025, with an updated monthly review.
Update the workbook with required details for assets still in possession.
o Record all property purchased with federal funds, ensuring accuracy and
completeness.
o Regularly review, update, and reconcile records with physical inventory.
o Save in a shared, secure cloud location for easy access and audit readiness.
o Anticipated completion date of July 15, 2025, with an updated monthly
review.
Write off any assets listed by not physically accounted for.
o Follow the proper steps to write off assets in eFinance. For assistance, refer to the eFinance instructions and APSCN help desk.
o Anticipated completion date of July 15, 2025, with an updated monthly
review.
Establish procedures for conducting this process and maintaining records annually.
o Set up a recurring annual timeline for physical asset verification.
o Develop consistent forms and tracking sheets for inventory records.
o Designate personnel to conduct, review, and reconcile inventory.
o Conduct physical audits regularly.
o Update and maintain records.
o Annually assess and refine procedures for efficiency and compliance.
o Anticipated completion date of July 31, 2025, with an updated monthly
review.