Determine whether Rondout Valley Central School District (District) officials properly accounted for and monitored fixed assets.
District officials did not properly account for and monitor all of the District’s fixed assets. As a result, there is an increased risk fixed assets could be lost, stolen or misused.
Of the 80 fixed assets totaling $856,681 we reviewed, 64 assets totaling $549,117 were not properly accounted for or monitored. Our testing identified:
- 34 fixed assets with a combined cost of $255,775 did not have the required asset tags.
- 12 fixed assets with a combined cost of $213,960 could not be located. For example, these assets included a French horn ($22,600),1 snowplow ($6,310) and an Internet filter ($4,320).
- 18 fixed assets with a combined cost of $79,383 were not recorded on the District’s inventory list. For example, these assets include a golf cart costing $12,585.
Seven additional fixed assets with a combined cost of $8,230 were disposed of without proper approval.
- Maintain accurate inventory records.
- Ensure fixed assets are tagged and are in the locations indicated on the District’s inventory list.
- Obtain authorization to dispose of fixed assets before disposing them.
District officials generally agreed with our findings and indicated they plan to initiate corrective action.
1 District officials stated that the valuations included in their inventory records corresponding to the musical instruments represented several of each instrument; however, we were unable to verify this due to a lack of proper asset tags and incomplete inventory records.