Finding Text
Finding 2024-011 – Equipment Management (Significant Deficiency and Noncompliance)
Information on the Federal Program: U.S. Department of Education, Higher Education-
Institutional Aid, Assistance Listing No. 84.031
Criteria: 2 CFR Section 200.313(d)(2) establishes the requirement that a physical inventory of
property must be taken and the results reconciled with the property records at least every 2 years.
Condition: Documentation of a physical inventory performed college-wide was not available.
Cause: The College did not perform a physical inventory of assets purchased with federal funds in
the last 2 years.
Effect: The College did not have appropriate documentation that a physical inventory was
performed.
Questioned Costs: None
Recommendation: We recommend the College strengthen its policies and procedures over
equipment management to ensure a physical inventory is performed every 2 years, at a minimum. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at
the end of the report.