FAC Explorer

Finding 388230 (2023-011)

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Requirement
N
Questioned Costs
-
Year
2023
Accepted
2024-03-28
Audit: 299997
Organization: Four Square Community Action, Inc. (NC)
Auditor: Sheila Gahagan CPA

AI Summary

  • Issue: Fixed asset records for Head Start are missing key details like identification numbers, federal acquisition percentages, and property condition.
  • Trend: No physical inventory has been conducted in the last two years, raising concerns about asset tracking.
  • Recommendation: Conduct a comprehensive physical inventory and update records to include all required information.

Finding Text

Condition: The fixed asset records for Head Start does not include identification numbers for equipment, the federal percentage used to acquire the property, the location or condition of property. A physical inventory was not performed during the last two years.

Corrective Action Plan

1.       HS will immediately update existing inventory property records and maintain in accordance with Uniform Guidance and DHHS requirements. 2.       The inventory list is to include all required descriptions, serial number/ or other identification numbers, source of funding and percentage of federal funding, as well as who holds title, acquisition date, cost, location, use, and condition of property. 3.       A physical inventory will be reconciled every two years.

Categories

Equipment & Real Property Management

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.871 Section 8 Housing Choice Vouchers $1.77M
93.600 Head Start $189,447
10.558 Child and Adult Care Food Program $172,272
81.042 Weatherization Assistance for Low-Income Persons $143,837
93.568 Low-Income Home Energy Assistance $81,372
14.239 Home Investment Partnerships Program $72,411
93.569 Community Services Block Grant $45,642