Audit Objective

Determine whether Pearl River Union Free School District (District) officials properly monitored and accounted for fixed assets.

Key Findings

District officials did not properly monitor and account for 70 percent of fixed assets reviewed totaling $546,527. This can be attributed to District officials not following Board-adopted fixed asset policies. We found that (some assets had multiple exceptions):

• 21 fixed assets with a combined cost of $55,832 were not recorded on the inventory list.
• District officials were unable to locate 26 fixed assets with a combined cost of $57,516.
• 31 fixed assets with a combined cost of $88,931 did not have the required asset tags.
• 35 fixed assets with a combined cost of $433,179 were disposed of without proper approval.

Key Recommendations

Ensure that:

• The inventory list is accurate and up-to-date.
• All fixed assets on the inventory list are immediately tagged and are in known locations.
• Disposals are properly authorized.

District officials generally agreed with our findings and indicated they plan to initiate corrective action. Appendix B includes our comment on an issue District officials raised in their response.