Finding Text
SIGNIFICANT DEFICIENCY Federal Program: Education Stabilization Fund Elementary and Secondary School Emergency Relief Fund Assistance Listing Number: 84.425D Condition The School completed an inventory of its equipment for the year ended June 30, 2022. However, this inventory was not compared to the School?s record of equipment and real property purchased with federal funds. Criteria 2 CFR part 200.313 requires property records be maintained that include all property purchased using federal funds. 2 CFR part 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. Cause The School was not aware of the requirements outlined in the Criteria section above. Effect The School did not comply with the requirements to reconcile its physical inventory with its property records. Recommendation We recommend the School develop internal controls to ensure the physical inventory is reconciled with its property records at least once every two years. Views of Responsible Officials and Planned Corrective Actions The School?s Corrective Action Plan is included on page 24.