Finding Text
Statement of condition: Property records for equipment acquired under the Education Stabilization Fund program were not maintained. Criteria: Title 2 U.S. Code of Federal Regulations (CFR) 200.313(d)(1) requires that property records be maintained that include a description of the property, a serial number or other identification number, the source of funding for the property (including the federal award identification number), who holds title, the acquisition date, cost of the property, percentage of federal participation in the project costs for the federal award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the ate of disposal and sales price of the property. Per the school’s policies, property records should be maintained for all equipment and theft-sensitive assets. Cause of condition: Procedures are in place for property records to be maintained for all equipment acquired during the fiscal year. However, these procedures do no include maintaining all of the information required by 2 CFR 200.313(d)(1). Effect of condition: During testing, it was noted that property records including all required information were not maintained for capital assets acquired under the Education Stabilization Fund program. Context: Property included school buses and various computer equipment and furniture and fixtures was acquired during the fiscal year, records including a description of the property, the acquisition date, and the cost of the property are being maintained. However, the property records do not include various additional information as required by 2 CFR 200.313(d)(1). Recommendation: Procedures should be put in place to ensure that property records including all required information are maintained for all capital assts purchased by the School in accordance with 2 CFR 200.313(d)(1). View of responsible officials and planned corrective actions: Management agrees with this finding and will put procedures in place to maintain adequate property records. See 2023-004 for management’s detailed action plan, timeline, and the responsible parties for all Education Stabilization Fund findings.