Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.
Finding 2024-004 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: Research & Development Cluster-Multiple ALNs Criteria: 2 CFR 200.313(d) states in part: “Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, at a minimum, meet the following requirements; (1) 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 FAIN), 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 sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage or theft of the property. Any loss, damage or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. Condition: Documentation of a physical inventory performed was not available. Additionally, we noted the University’s equipment listing did not contain all the required information, including an identification number and the source of federal funding for the equipment, outlined in the criteria above. Cause: The University did not perform a physical inventory of assets purchased with federal funds in the last two years. Effect or Potential Effect: The University did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Repeat Finding – No similar findings identified in the prior year. Recommendation: We recommend the University strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every two years, at a minimum. The equipment listing should include all required information to track capital asset acquisitions purchased with federal funding. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.