FAC Explorer

Finding 395700 (2023-002)

Significant Deficiency
Requirement
I
Questioned Costs
-
Year
2023
Accepted
2024-05-02
Audit: 305326
Organization: Irvington Community Schools, Inc. (IN)
Auditor: Donovan PC

AI Summary

  • Core Issue: The School failed to maintain proper documentation for physical inventory of assets acquired with federal funds.
  • Impacted Requirements: This violates 2 CFR 200.313(d), which mandates regular inventory checks and proper asset management.
  • Recommended Follow-Up: The School should establish internal controls to ensure inventories are conducted every two years.

Finding Text

FINDING 2023-002 EQUIPMENT AND REAL PROPERTY MANAGEMENT SIGNIFICANT DEFICIENCY Federal Program: Education Stabilization Fund Assistance Listing Number: 84.425 Criteria 2 CFR 200.313(d) contains equipment management requirements which dictate property records entities must maintain and the need for procedures to adequately safeguard and maintain assets acquired with federal funding. Condition Sufficient and appropriate documentation did not exist to support a physical inventory had been completed for all assets once in the last two years. Cause The School does not have internal controls and procedures in place to ensure a physical inventory is completed at least every two years. Effect Failing to complete an inventory could result in inaccurate records of assets. Recommendation We recommend the School develop internal controls to ensure an inventory is completed at least every two years. Views of Responsible Officials The School’s Corrective Action Plan is included on pages 27.

Corrective Action Plan

Finding 2023-002. Inventory Management Corrective Action: Due to staff turnover at the school, this task was not completed. Management will undertake the inventory of fixed assets. Responsible Person/Position: Rod Iberg/COO

Categories

Equipment & Real Property Management

Other Findings in this Audit

  • 395698 2023-003
    Material Weakness Repeat
  • 395699 2023-003
    Material Weakness Repeat
  • 395701 2023-002
    Significant Deficiency
  • 972140 2023-003
    Material Weakness Repeat
  • 972141 2023-003
    Material Weakness Repeat
  • 972142 2023-002
    Significant Deficiency
  • 972143 2023-002
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund $852,761
84.010 Title I Grants to Local Educational Agencies $380,166
10.555 National School Lunch Program $303,602
84.367 Improving Teacher Quality State Grants $45,925
10.553 School Breakfast Program $32,103
84.424 Student Support and Academic Enrichment Program $21,341
97.008 Non-Profit Security Program $17,767
84.027 Special Education_grants to States $4,510