Finding Text
Assistance Listing Number, Federal Agency, and Program Name Research and Development Cluster National Science Foundation, Department of Commerce, Department of Health and Human Services, Department of Energy, National Endowment for the Humanities, and Department of Transportation ALN 47.083, 47.041, 47.070, 47.084, 47.049, 11.024, 12.RD, 93.884, 93.113, 81.089, 59.065, 81.010, 81.RD, 45.129, 12.600, 59.059, 20.200, 20.505 Federal Award Identification Number and Year Various Pass through Entity Various 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 If Questioned Costs are not Determinable, Description of Why Known Questioned Costs Were Undetermined or Otherwise Could not be Reported N/A 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. Management will establish a formal inventory schedule that mandates physical inventory and reconciliation at least once every two years. Designated personnel will be assigned responsibility for executing and documenting the inventory process. Additionally, internal controls will be enhanced through periodic monitoring and reminders to ensure timely completion and proper record keeping.