Finding 571344 (2024-009)

Material Weakness Repeat Finding
Requirement
F
Questioned Costs
-
Year
2024
Accepted
2025-07-15
Audit: 362285
Organization: Morris Colllege (SC)

AI Summary

  • Answer: The College's capital asset list is incomplete and outdated.
  • Trend: No inventory of capital assets has been conducted since 2019.
  • List: Complete the capital asset inventory and ensure all requirements are met.

Finding Text

The College has a list of capital assets, but it does not include all the requirements. Furthermore, the College has not completed an inventory of capital assets since 2019.

Corrective Action Plan

Management has taken the necessary steps to perform a capital asset inventory. The College has implemented the fixed asset modules in the Enterprise Resource Planning (ERP) system, Jenzabar. The College is in the process completing of completing and annual inventory.

Categories

Equipment & Real Property Management

Other Findings in this Audit

  • 571328 2024-006
    Significant Deficiency
  • 571329 2024-006
    Significant Deficiency
  • 571330 2024-006
    Significant Deficiency
  • 571331 2024-006
    Significant Deficiency
  • 571332 2024-007
    Material Weakness
  • 571333 2024-007
    Material Weakness
  • 571334 2024-007
    Material Weakness
  • 571335 2024-007
    Material Weakness
  • 571336 2024-007
    Material Weakness
  • 571337 2024-007
    Material Weakness
  • 571338 2024-007
    Material Weakness
  • 571339 2024-008
    Material Weakness Repeat
  • 571340 2024-008
    Material Weakness Repeat
  • 571341 2024-008
    Material Weakness Repeat
  • 571342 2024-008
    Material Weakness Repeat
  • 571343 2024-008
    Material Weakness Repeat
  • 571345 2024-009
    Material Weakness Repeat
  • 571346 2024-009
    Material Weakness Repeat
  • 1147770 2024-006
    Significant Deficiency
  • 1147771 2024-006
    Significant Deficiency
  • 1147772 2024-006
    Significant Deficiency
  • 1147773 2024-006
    Significant Deficiency
  • 1147774 2024-007
    Material Weakness
  • 1147775 2024-007
    Material Weakness
  • 1147776 2024-007
    Material Weakness
  • 1147777 2024-007
    Material Weakness
  • 1147778 2024-007
    Material Weakness
  • 1147779 2024-007
    Material Weakness
  • 1147780 2024-007
    Material Weakness
  • 1147781 2024-008
    Material Weakness Repeat
  • 1147782 2024-008
    Material Weakness Repeat
  • 1147783 2024-008
    Material Weakness Repeat
  • 1147784 2024-008
    Material Weakness Repeat
  • 1147785 2024-008
    Material Weakness Repeat
  • 1147786 2024-009
    Material Weakness Repeat
  • 1147787 2024-009
    Material Weakness Repeat
  • 1147788 2024-009
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $2.59M
84.063 Federal Pell Grant Program $2.32M
84.031 Higher Education Institutional Aid $863,046
84.047 Trio Upward Bound $496,462
81.137 Minority Economic Impact $352,365
84.042 Trio Student Support Services $314,974
84.007 Federal Supplemental Educational Opportunity Grants $304,288
84.425 Education Stabilization Fund $250,648
84.033 Federal Work-Study Program $81,835
81.123 National Nuclear Security Administration (nnsa) Minority Serving Institutions (msi) Program $18,867