Determine whether fixed assets were recorded and accounted for properly.
- The District did not have a comprehensive policy for identifying and recording fixed assets.
- Eighteen fixed assets valued at $168,700 were either not recorded on the master inventory list or not properly tagged.
- The District’s inventory records of technology assets were inconsistent.
- Adopt a comprehensive policy that establishes threshold amounts for controlling inventory and procedures for maintaining fixed assets.
- Ensure all fixed assets with a value that exceeds the established threshold have a tag identifying them as District property.
- Review fixed asset records each year and ensure that they are accurate and up-to-date.
District officials agreed with our recommendations and indicated they plan to initiate corrective action.