FAC Explorer

Finding 1218275 (2024-002)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2024
Accepted
2026-06-24
Audit: 404528
Organization: Georgia-Alabama Land Trust, Inc. (AL)
Auditor: MAULDIN AND JENKINS LLC

AI Summary

  • Answer: Machinery and equipment purchases were not recorded as capital assets.
  • Trend: This oversight could lead to inaccurate financial reporting and asset management.
  • List: Review and update asset capitalization policies; ensure proper recording of future purchases.

Finding Text

Machinery and equipment was purchased that was not capitalized.

Corrective Action Plan

The Organization is recording all fixed assets per their capitalization policy.

Categories

Procurement, Suspension & Debarment Equipment & Real Property Management

Other Findings in this Audit

  • 1218273 2024-004
    Material Weakness Repeat
  • 1218274 2024-001
    Material Weakness Repeat
  • 1218276 2024-003
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
12.005 CONSERVATION AND REHABILITATION OF NATURAL RESOURCES ON MILITARY INSTALLATIONS $3.32M
10.937 PARTNERSHIPS FOR CLIMATE-SMART COMMODITIES $2.58M
12.610 COMMUNITY ECONOMIC ADJUSTMENT ASSISTANCE FOR COMPATIBLE USE AND JOINT LAND USE STUDIES $263,730