Finding Text
Finding 2024-001
Information on the state program:
CARES Emergency Relief Grant and American Rescue Plan, CFDA 84.425D/U Grant Period 3/13/20-9/30/23, and 3/13/20-9/30/24.
Criteria or specific requirement:
Governmental Accounting Standards Board Statement (GASBS) 34 requires school districts and other public entities to accurately track and account for fixed assets. The district did not accurately account for all fixed assets purchased during the fiscal year.
Condition:
There were instances where the district did not accurately account for various fixed assets purchased with grant funds during the year.
Questioned Costs:
Unknown
Context:
The district has not accurately updated the fixed asset report for fixed asset purchases made during the year.
Effect:
The district is not in compliance with the requirements of the CARES Emergency Relief Grant and American Rescue Plan program.
Cause:
The district did not account for various fixed assets purchased during the year and the district did not record the correct amount for various fixed assets included in the fixed asset report.
Recommendation:
The district’s fixed asset accounting and reporting system be updated to reflect additions, deletions and depreciation expense on an annual basis.
Management’s response:
The district will ensure that the fixed asset report is periodically updated and reviewed when fixed asset purchases are made.