Finding Text
Finding 2022-007 Equipment and Real Property Management Federal Program: Education Stabilization Fund (ALN 84.425) Condition: Independent School District No. 883 (the District) failed to capitalize equipment with a current per-unit fair market value in excess of $5,000. Criteria: Per the Uniform Guidance, property records must be maintained for tangible personal property having a useful life of more than one year and a per-unit acquisition cost which equals or exceeds $5,000 in program dollars. Cause: The District failed to add an equipment purchase to the District?s capital asset records. Effect: The failure to incorporate the asset into the capital asset records resulted in the District?s noncompliance with the program?s requirements. Questioned Costs: None identified. Recommendation: We recommend the District assess internal controls related to the District?s Federal dollars and controls over ensuring the completeness capital asset records. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recommendation. See corresponding Corrective Action Plan.