2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.
2023-096: Perform Complete Physical Inventory Applicable to: University of Virginia-Academic Division Prior Year Finding Number: N/A Type of Finding: Internal Control and Compliance Severity of Deficiency: Significant Deficiency Information System Security Control Family: N/A ALPT or Cluster Name and ALN: Research and Development Cluster (R&D) - Various at the University of Virginia Federal Award Number and Year: Various - 2023 Name of Federal Agency: Various Type of Compliance Requirement - Criteria: Equipment and Real Property Management - 2 CFR § 200.313(d)(2) Known Questioned Costs: $0 The Academic Division has not inventoried 6,810 assets, or 34 percent, of the University’s 19,749 active assets in the past two fiscal periods. The assets not inventoried have a total net book value of approximately $28 million as of June 30, 2023. Academic Division’s policy FIN-034 requires an annual physical inventory of capital assets to properly safeguard assets and maintain fiscal accountability. Additionally, the Academic Division obtains equipment using federal awards, therefore it must comply with Title 2 U.S. Code of Federal Regulations (CFR) § 200.313(d)(2) that requires the Academic Division to take a physical inventory of property and reconcile to the property records at least once every two years. Management attributes the incomplete inventory to the Academic Division’s migration to a new financial system and asset scanner integration issues during the fiscal year. By not performing a complete physical inventory, the University increases the risk of misappropriation of property and may contribute to the inclusion of inaccurate information in the financial system, which could lead to misstatements in the financial statements. The Academic Division should ensure it completes a physical inventory in accordance with its policies and procedures and federal regulations. Views of Responsible Officials: Views of responsible officials are in the report related to their agency, which can be found at www.apa.virginia.gov. In summary, the views of responsible officials in the agency report do not express a disagreement with the finding.