Finding Text
Criteria: Equipment property records must be maintained for equipment purchased with federal funds. Condition: Equipment records were not maintained for items purchased with federal funds. Questioned Costs: There are no questioned costs. Context: There were multiple items claimed as capital outlay items and added to the fixed asset listing in the year they were purchased, but there were no federal inventory log and property records maintained for them. Effect: The District did not comply with the equipment compliance requirement regarding the keeping of property records for equipment purchased with federal funds. Cause: The District was not aware of the compliance requirement. Recommendation: We will provide the ISBE equipment log guidelines and recommend that the District begins the process of maintaining a log going forward for all equipment purchased with federal funding. We recommend that the compliance supplement is obtained and read for all new grants, as well as grants that encompass a majority of grant spending in the District, to ensure that employees know the compliance requirements. We also recommend the District obtains an grant equipment spending policy. Management's Response: Management agrees to take the necessary steps to ensure compliance requirements are met and will discuss implementing an inventory record-keeping process.