Finding Text
COMPLIANCE OVER MAJOR FEDERAL PROGRAM Compliance Requirement: Equipment and Real Property Management Program: Education Stabilization Fund CFDA Number: 84.452 Criteria: OMB Uniform Guidance Section 200.313 states assets acquited with federal funds shall be maintained accurately and shall include a description of the asset, identification number, source of funding, acquisition date, cost, location, condition of the asset, and date the information was reported. A physical inventory of all federal funded assets shall be taken and the results reconciled with equipment records at least once every two years. Any differences between quantities determined by physical inspection and accounting records shall be investigated to determine cause. The existence, current utilization, and continued need shall be verified. Condition: The District did not provide a completed and updated asset inventory accounting report. Cause: The District did not complete the physical inventory or update the inventory report. Effect: Federally funded assets could be inacurately captured on the inventory records. Misappropriations of assets could occur and not be detected. Improper dispositions of assets could occur. Questioned Costs: None noted. Recommendation: The District should complete a physical inventory of all federally funded assets. Asset inventory report should be completed and updated. The District should provide training to ensure the appropriate porsonnel have an understanding of OMB Uniform Guidance requirements specific to asset inventory. Management Views: Managem views and Corrective Action Plan are included at the end of this report.