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NYS Comptroller


Audits of Local Governments and School Districts

Report Highlights

LaFayette Central School District - Fixed Assets

Released: June 15, 2018 -- [read complete report - pdf]

Audit Objective

Determine whether fixed assets were recorded and accounted for properly.

Key Findings

  • 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.

Key Recommendations

  • 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.


The LaFayette Central School District (District) is located in the towns of Fabius, LaFayette, Onondaga and Tully in Onondaga County and the Onondaga Nation Territory. The District is governed by the Board of Education (Board), which comprises seven elected members.

The Board is responsible for general management and control of District operations. The Superintendent of Schools (Superintendent) is the chief executive officer and is responsible, along with the Assistant Superintendent for Business (Assistant Superintendent), for the District’s day-to-day financial management under the Board’s direction.

The District contracts with the Onondaga Cortland Madison Board of Cooperative Educational Services (BOCES) for asset management. During our audit period, the District purchased approximately $530,0001 in fixed assets.

Quick Facts
Employees 210
Enrollment 850
2017-18 Budgeted Appropriations* $24.6 million
*Includes Onondaga Nation School

Audit Period

July 1, 2016 − December 1, 2017

Local Government and School Accountability Contact Information:

Phone: (518) 474-4037; Email:
Address: Office of the State Comptroller, Division of Local Government and School Accountability
110 State Street, 12th Floor; Albany, NY 12236