Determine whether District officials maintain and monitor accurate inventory records to safeguard District assets.
District officials did not maintain accurate and consistent capital asset records to ensure District assets were monitored and safeguarded.
- District inventory records did not list 45 of 50 selected assets totaling $36,809.
- District officials were unable to locate seven of 50 assets totaling $7,360.
- Scuba gear totaling $119,523 was not adequately monitored or safeguarded.
The Board should:
- Adopt a comprehensive capital asset policy or written procedures that set forth the duties, records and control procedures to safeguard assets.
- Actively monitor asset records to ensure they are accurate and up-to-date and that purchases of District assets are actual and necessary.
District officials should:
- Ensure an accurate and up-to-date asset inventory is maintained and District assets have a tag affixed identifying them as District properties.
District officials generally agreed with our findings and indicated they plan to initiate corrective action.