Finding Text
2024-004 – Significant Deficiency and Nonmaterial Noncompliance – Equipment and Real Property Management Program: Education Stabilization Fund (ALN 84.425) – United States Department of Education – Virginia Department of Education; Federal Award Year: 2024. Prior Year Audit Finding Number: N/A Criteria: 2 CFR section 200.313(d)(2) states: A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. Condition: The School Board began purchasing equipment under this program in 2022. A physical inventory was not performed during 2024. Cause: Procedures over equipment and property management not properly designed and implemented. Effect: Equipment and property not examined for any potential loss, damage, theft, or disposal. Questioned Costs: None Recommendation: Grant administrator should perform a physical inventory of property at least every two years Views of Responsible Officials and Planned Corrective Action: The Designees of the Grants Monitoring and Compliance team will oversee the completion of a physical inventory of all equipment that exceed $5,000 by October 31, 2026. The Grants team will also house documentation.