Finding 614149 (2022-103)

Significant Deficiency Repeat Finding
Requirement
F
Questioned Costs
-
Year
2022
Accepted
2023-08-22

AI Summary

  • Core Issue: The School has not conducted a comprehensive inventory of capital assets for several years, leading to discrepancies between physical assets and records.
  • Impacted Requirements: This situation violates 2 CFR 200.313, which mandates a physical inventory and reconciliation at least every two years.
  • Recommended Follow-Up: The School should perform a physical inventory of capital assets biennially and ensure the Finance Department updates accounting records accordingly.

Finding Text

Condition and Context: The School has not performed a comprehensive inventory of capital assets in several years. Accordingly, the School has not reconciled a physical observation to its detailed capital asset listing. Criteria: According to 2 CFR 200.313 Equipment, a physical inventory of the property must be performed and the results reconciled with the property records at least once every two years. Cause and Effect: The cause is a lack of resources to perform a physical inventory of the property and equipment. The effect is the possibility of purchasing assets using federal funds that are not properly accounted for in the accounting records. Recommendation: We recommend that the School perform a physical inventory of the School's capital assets on at least a biennial basis. In addition, the Finance Department should update the School's accounting records based on the results of the physical inventory. Management?s Response: The School?s responsible officials? views and planned corrective action are in its corrective action plan at the end of the report.

Categories

Equipment & Real Property Management

Other Findings in this Audit

  • 37702 2022-101
    Material Weakness Repeat
  • 37703 2022-102
    Material Weakness
  • 37704 2022-103
    Significant Deficiency Repeat
  • 37705 2022-101
    Material Weakness Repeat
  • 37706 2022-102
    Material Weakness
  • 37707 2022-103
    Significant Deficiency Repeat
  • 614144 2022-101
    Material Weakness Repeat
  • 614145 2022-102
    Material Weakness
  • 614146 2022-103
    Significant Deficiency Repeat
  • 614147 2022-101
    Material Weakness Repeat
  • 614148 2022-102
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
15.042 Indian School Equalization Program $511,531
15.046 Administrative Cost Grants for Indian Schools $453,358
84.010 Title I Grants to Local Educational Agencies $374,600
84.425 Education Stabilization Fund $303,089
15.047 Indian Education Facilities, Operations, and Maintenance $247,686
84.287 Twenty-First Century Community Learning Centers $152,693
15.044 Indian Schools_student Transportation $128,086
10.555 National School Lunch Program $58,615
84.358 Rural Education $35,900
10.553 School Breakfast Program $35,461
15.151 Education Program Enhancements $30,024
15.149 Focus on Student Achievement Project $15,870
84.424 Student Support and Academic Enrichment Program $10,125
84.336 Teacher Quality Partnership Grants $1,800