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.