Finding Text
Equipment Management Finding Number: 2022-003 Assistance Listing Number and Title: AL # 84.425C, Education Stabilization Fund- Governor's Emergency Education Relief Federal Award Identification Number / Year: 2022 Federal Agency: U.S. Department of Education Compliance Requirement: Section F: Equipment and Real Property Management Pass Through Entity: Ohio Department of Education Repeat Finding from Prior Audit? No Noncompliance and Material Weakness 2 CFR ? 3474.1 gives regulatory effect to the Department of Education for 2 CFR ? 200.313(d)(1) which provides that property records must be maintained that include a description of the property, a serial number or other identification number, the source of funding for the property (including the Federal award identification number), who holds title, the acquisition date, cost of the property, percentage of Federal participation in the project costs for the Federal award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the date of disposal and sales price of the property. The Center purchased a heat pump and three furnaces in the amount of $25,000 using their Governor's Emergency Education Relief (AL#84.425C) federal funding; however, they failed to add these assets to their capital asset listing due to a failure in adequately designed controls. The failure to properly record assets can lead to difficulties maintaining accountability for the related assets. The Treasurer and Superintendent should monitor transactions and ensure that all capital additions are properly documented in the capital assert records.