Finding Text
2022-003: REAL PROPERTY MANAGEMENT Criteria: Uniform Guidance requires an inventory of fixed assets with a federal interest every two years to ensure the protection of assets funded by federal funds. Condition: The Company did not perform a formal inventory of fixed assets with a federal interest in either of the two previous years. Cause: This was the Company?s first single audit. The Company was actively monitoring the status of equipment as part of operations, but failed to adequately document the monitoring in a static file that could be relied upon. Effect: The Company did not comply with real property management requirements. Questioned Costs: N/A Perspective Information: The issue is considered to be isolated to real property management. Repeat Findings: Not a repeat finding. Recommendation: The Company should implement a formal inventory process for fixed assets with a federal interest that results in static documentation of the inventory process and end result. View of Responsible Officials and Planned Corrective Action: The Company will implement a formal inventory process for fixed assets with a federal interest that results in static documentation of inventory process and end result.