Finding 519776 (2024-011)

Significant Deficiency
Requirement
E
Questioned Costs
-
Year
2024
Accepted
2025-01-20
Audit: 338909
Organization: Bishop State Community College (AL)

AI Summary

  • Core Issue: The College failed to conduct a required physical inventory of federally funded assets in the last 2 years.
  • Impacted Requirements: This violates 2 CFR Section 200.313(d)(2), which mandates biennial inventory reconciliation.
  • Recommended Follow-Up: Strengthen equipment management policies to ensure compliance with the physical inventory requirement.

Finding Text

Finding 2024-011 – Equipment Management (Significant Deficiency and Noncompliance) Information on the Federal Program: U.S. Department of Education, Higher Education- Institutional Aid, Assistance Listing No. 84.031 Criteria: 2 CFR Section 200.313(d)(2) establishes the requirement that a physical inventory of property must be taken and the results reconciled with the property records at least every 2 years. Condition: Documentation of a physical inventory performed college-wide was not available. Cause: The College did not perform a physical inventory of assets purchased with federal funds in the last 2 years. Effect: The College did not have appropriate documentation that a physical inventory was performed. Questioned Costs: None Recommendation: We recommend the College strengthen its policies and procedures over equipment management to ensure a physical inventory is performed every 2 years, at a minimum. Views of Responsible Officials: See Management’s View and Corrective Action Plan included at the end of the report.

Corrective Action Plan

Management's Response: Management concurs with the above finding and notes that an annual physical inventory is done. Moving forward all federal equipment housed in a separate inventory system will be included in the annual physical inventory process. In addition, the tracking and monitoring of these assets will be brought to the asset manager within the fiscal services office. Action will be taken immediately and completed by June 2025.

Categories

Equipment & Real Property Management

Other Findings in this Audit

  • 519769 2024-012
    Significant Deficiency
  • 519770 2024-012
    Significant Deficiency
  • 519771 2024-012
    Significant Deficiency
  • 519772 2024-007
    Material Weakness
  • 519773 2024-008
    Material Weakness
  • 519774 2024-009
    Significant Deficiency
  • 519775 2024-010
    Significant Deficiency
  • 1096211 2024-012
    Significant Deficiency
  • 1096212 2024-012
    Significant Deficiency
  • 1096213 2024-012
    Significant Deficiency
  • 1096214 2024-007
    Material Weakness
  • 1096215 2024-008
    Material Weakness
  • 1096216 2024-009
    Significant Deficiency
  • 1096217 2024-010
    Significant Deficiency
  • 1096218 2024-011
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund $14.47M
84.063 Federal Pell Grant Program $9.46M
84.031 Higher Education Institutional Aid $5.53M
84.002 Adult Education - Basic Grants to States $587,268
84.048 Career and Technical Education -- Basic Grants to States $465,323
84.042 Trio Student Support Services $249,285
84.007 Federal Supplemental Educational Opportunity Grants $209,274
17.268 H-1b Job Training Grants $166,381
17.259 Wioa Youth Activities $127,540
84.033 Federal Work-Study Program $95,025
20.205 Highway Planning and Construction $21,836