Finding Text
Equipment/Real Property Management. The District included items in capital outlay objects in both the general ledger and Illinois State Board of Education expenditure reports that were below the District's capitalization threshold of $5,000. No questioned costs. Of the five Education Stablization Fund grants with expenditures in the fiscal year, one of the grants included items below the capitalization threshold of $5,000 in capital outlay objects. The District did not follow its capitalization threshold as outlined in its Fixed Asset Policy. This was an oversight by management and the grant coordinator. The District should only include items greater than its $5,000 capitalization threshold in capital outlay objects in its general ledger, budgets, and expenditure reports filed with the Illinois State Board of Education. The District will ensure that all capital outlay costs exceed the $5,000 capitalization threshold.