Finding Text
Finding Number: 2025-001 Assistance Listing Number and Title: AL#84.425U, Education Stabilization Fund Federal Award Identification Number / Year: 2024 Federal Agency: U.S. Department of Education Compliance Requirement: Equipment and Real Property Pass-Through Entity: Ohio Department of Education and Workforce Repeat Finding from Prior Audit? No Noncompliance and Significant Deficiency 2 CFR § 3474.1 gives regulatory effect to the Department of Education for 2 CFR § 200.313(d)(1) which provides that property records must be maintained that include a description of the property, a serial number or other identification number, the source of funding for the property (including the Federal award identification number), who holds title, the acquisition date, cost of the property, percentage of Federal participation in the project costs for the Federal award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the date of disposal and sales price of the property. The District purchased equipment in the amount of $14,797 using their American Rescue Plan Elementary and Secondary School Emergency Education Relief (AL#84.425U) federal funding without adding this asset to their capital asset listing due to a failure in adequately designed controls. The failure to properly record assets can lead to difficulties maintaining accountability for the related assets. The Treasurer should monitor transactions and ensure that all capital additions are properly documented in the capital asset records.