Finding Text
Equipment/Real Property Management. The District budgeted for and included items in capital outlay objects in both the general ledger and Illinois State Board of Education expenditure reports that were below the District's capitalization threshold of $5,000. No questioned costs. Of the three ESSER grants included in the Education Stabilization Fund cluster for project year 2022, two of the grants included items below the capitalization threshold of $5,000 in capital outlay objects. The District did not follow its capitalization threshold as outlined in its Fixed Asset Policy. This was an oversight by management and the grant coordinator. The District should only include items greater than its $5,000 capitalization threshold in capital outlay objects in its general ledger, budgets, and expenditure reports filed with the Illinois State Board of Education. Management and the grant coordinator added the total cost of the project instead of the individual cost of items ordered. The grant coordinator and management have discussed and created an action plan to ensure that the threshold is considered when ordering individual items that may exceed $5,000 in total, but fall short of that amount when considered individually. Accounts have been established for equipment falling below the $5,000 threshold.