Audit Objective 

Determine whether West Genesee Central School District (District) officials properly monitored and accounted for capital assets. 

Key Findings 

District officials did not always properly monitor and account for the capital assets that we tested, and did not conduct periodic physical inventories to help ensure the records were accurate and complete and the assets were on hand. The last physical inventory was completed in 2017 and officials only updated the District’s asset records on an annual basis thereafter. As a result, officials may be unable to identify lost or stolen items.

Of the 337 assets totaling approximately $2.3 million selected for review: 

• 54 assets were in use but not properly recorded in the inventory records and 38 of these assets that cost over $176,000 were also not tagged as District property. 
• 27 assets could not be located including 18 with a total cost of $50,905 and nine with no documented cost, and 
• 45 assets had an incorrect location recorded.

In addition, of the 168 capital assets that were disposed of, 156 either were indicated as disposed of prior to or without Board approval. 

Key Recommendations 

• Ensure the District’s asset records are complete, accurate, and up to date and assets are tagged and recorded prior to being placed in service.
• Conduct periodic physical inventories. 

District officials generally agreed with our recommendations and have initiated or indicated they planned to initiate corrective action.