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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Report Highlights

Richfield Springs Central School District - Fixed Assets (2019M-140)

Released: September 20, 2019 -- [read complete report - pdf]

Audit Objective

Determine whether fixed assets were recorded and accounted for properly.

Key Findings

  • Fixed asset and disposal policies were not comprehensive or being followed.
  • Out of 206 fixed assets reviewed, 64 were unable to be located, 39 were not recorded in the master inventory list, 12 did not have asset tags and four had the incorrect asset tag numbers.
  • Out of 158 fixed assets listed as being disposed, 143 lacked detailed supporting documentation including either sale records or Board approval.

Key Recommendations

  • Establish a threshold for inventorying and recording fixed assets and update policies to include proper sanitation and disposal of electronic devices.
  • Ensure inventory records are accurate and up-to-date and periodically perform physical inventories.
  • Ensure disposed assets are Board-approved, sufficiently supported with adequate disposal documentation and reported to the Board according to policy.

District officials agreed with our findings and indicated they plan to initiate corrective action.

Background

The Richfield Springs Central School District (District) serves the Towns of Richfield, Springfield, Otsego and Exeter in Otsego County and the Towns of Warren and Columbia in Herkimer County.

The District is governed by a five-member elected Board of Education (Board). The Board is responsible for managing and controlling the District’s financial and educational affairs. The Superintendent of Schools (Superintendent) is the chief executive officer and is responsible, along with other administrative staff, for day-to-day management under the Board’s direction.

The District contracts with an asset management service provider to prepare asset reports and insurance valuation updates for its fixed asset inventory. The Treasurer is responsible for the accounting of fixed assets, and he designated the Clerk to be responsible for inventorying assets and affixing or distributing asset tags.

Quick Facts
Employees160
Enrollment481
2018-19 Appropriations$12.1 million
Fixed Assetsa Purchased During our Audit Period$862,025
a Electronic devices of any price and other assets greater than or equal to $500

Audit Period

July 1, 2017 – March 5, 2019. We extended our audit period to June 11, 2019 to review inventory records and observe fixed assets.


Local Government and School Accountability Contact Information:

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