Finding 1101015 (2024-001)

Assistance Listing, Federal Agency, and Program Name - Research and Development Cluster, 93.226, Research on Healthcare Costs, Quality and Outcomes Federal Award Identification Number and Year - Various Pass-through Entity - N/A Finding Type - Significant deficiency Repeat Finding - No Criteria - According to 2 CFR 200.313(d)(2), a physical inventory of the property must be conducted and the results must be reconciled with the property records at least once every two years. Condition - The University did not complete a physical inventory of the property within the last two years. Questioned Costs - None Identification of How Questioned Costs Were Computed - N/A Context - The University did not complete a physical inventory of the property within the last two years. Cause and Effect - Policies in place did not include a control to ensure a physical inventory of property is completed at least once every two years. Recommendation - The University should implement controls to ensure a physical inventory of property is completed at least once every two years. Views of Responsible Officials and Corrective Action Plan - Management agrees with the finding. During the 3rd calendar quarter each year, create a report of externally funded equipment purchases. Sometime within the nine months ending June 30th and using the report created, perform a physical inventory of all equipment purchased with federal awards. Save physical inventory records with images and locations with company records.