2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2024-008 – Physical Inventory on Property and Equipment Federal Agency: Various and U.S. Department of Education Federal Program Title: Research and Development Cluster, Higher Education – Institutional Aid Federal Assistance Listing Numbers: Various and 84.031 Federal Award Identification Number and Year: Various Award Period: 7/1/2023 – 6/30/2024 Type of Finding: Other Matters and Significant Deficiency in Internal Control Over Compliance Criteria or Specific Requirement: A physical inventory of the property must be taken and the results reconciled with the property records at least one very two years (2 CFR section 200.313(d)(2)). Condition: No evidence of a physical inventory count performed by the University. Questioned Costs: N/A Context: During the testing property and equipment, there was no evidence provided by the University of a physical inventory count performed in the previous two years. Cause: Internal controls surrounding physical inventory of equipment purchased with federal funds is not designed or operating effectively. Effect: No supporting documentation can be provided showing that physical inventory is taking place. Repeat Finding: No. Recommendation: We recommend that the University review and revise their current procedures and policies related to capitalized equipment purchased with federal funds to ensure a physical inventory count is being performed once every two years. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.
2 CFR § 3474.1 gives regulatory effect to the Department of Education for 2 CFR § 200.313(d) which requires that: Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, as 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 Federal award identification number), who holds title, the acquisition date, cost of the property, percentage of Federal participation in the project costs for the Federal award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the date of disposal and sales price of the property. 2. A physical inventory of the property must be taken and the results reconciled with the property records at least once every 2 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. 5. If the non-Federal entity is authorized or required to sell the property, proper sales procedures must be established to ensure the highest possible return. The School purchased a forklift simulator desk and controls in the amount of $29,995 using Education Stabilization Fund grant funds and due to deficiencies in inventory controls, failed to add the assets to the School inventory system. The lack of maintaining the required property records not only violates federal grant requirements but also increases the risk of noncompliance with grant requirements going undetected in a timely manner. The School should ensure all federally procured equipment be included on property records and property records should include the information documented under item 1. above.
2 CFR § 3474.1 gives regulatory effect to the Department of Education for 2 CFR § 200.313(d) which requires that: Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under a Federal award, until disposition takes place will, as 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 Federal award identification number), who holds title, the acquisition date, cost of the property, percentage of Federal participation in the project costs for the Federal award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the date of disposal and sales price of the property. 2. A physical inventory of the property must be taken and the results reconciled with the property records at least once every 2 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. 5. If the non-Federal entity is authorized or required to sell the property, proper sales procedures must be established to ensure the highest possible return. The School purchased a forklift simulator desk and controls in the amount of $29,995 using Education Stabilization Fund grant funds and due to deficiencies in inventory controls, failed to add the assets to the School inventory system. The lack of maintaining the required property records not only violates federal grant requirements but also increases the risk of noncompliance with grant requirements going undetected in a timely manner. The School should ensure all federally procured equipment be included on property records and property records should include the information documented under item 1. above.
U.S. DEPARTMENT OF EDUCATION PASSED THROUGH ARKANSAS DEPARTMENT OF EDUCATION COVID-19 ELEMENTARY AND SECONDARY SCHOOL EMERGENCY RELIEF FUND - AL NUMBER 84.425D PASS-THROUGH NUMBER 3505 AUDIT PERIOD - YEAR ENDED JUNE 30, 2024 2024-001. Equipment and Real Property Management Criteria or specific requirement: Property records must be maintained for equipment acquired with federal awards as specified in OMB 2 CFR section 200.313. Condition: A test of the COVID-19 Education Stabilization Fund disbursements and walkthrough procedures revealed that 165 equipment items purchased with a cost greater than $1,000 each were not recorded in the District's equipment subsidiary ledger. The total cost of the equipment was $303,150. The subsidiary ledger was subsequently corrected by the District during audit fieldwork. A similar finding was reported in the previous audit. Cause: Lack of internal controls over the equipment subsidiary ledger. Effect or potential effect: The District's equipment subsidiary records were not accurate. Context: All equipment purchases from the federal program were reviewed, which consisted of 1 invoice totaling $303,150 that contained 165 equipment items. Identification as a repeat finding: Yes Recommendation: The District should contact the Arkansas Division of Elementary and Secondary Education for guidance regarding this matter and implement proper controls over program expenditures. Views of responsible officials: The District concurs with this finding. The total population consisted of one invoice that contained 165 equipment items. The District's newly implemented equipment control process was followed; items were correctly coded, issued asset identification numbers, added to internal inventory listing, then tagged. This process ensured the items would be tracked over time, however the District recognizes deficiencies exist in this process, which resulted in inaccurate records.