Finding Text
The Board used money from the COVID-19 Education Stabilization Fund to Purchase a computer server in excess of $5,000 and failed to include the server in the fixed asset inventory as required. 2 CFR Sections 200.313 (c) through (e) require equipment having a useful life of more than one year and a per-unit acquisition cost which equal or exceeds $5,000 must be maintained in the Board's property records. A computer server costing $40,440 was not properly classified as capitalized equipment and as such, was omitted from the Board's Fixed Asset Inventory. The Board should ensure that all equipment is properly recorded in the accounting records Fixed Asset Inventory.