Determine whether Village of Port Dickinson (Village) officials properly recorded and accounted for capital assets.
Village officials did not properly record and account for all capital assets. As a result, the Village has an increased risk its assets could be lost, stolen or misused without detection.
- The Board of Trustees (Board) did not adopt a written capital asset policy or conduct periodic inventories.
- Officials did not maintain a complete and current capital asset list (asset list).
- We were unable to definitively locate and trace 32 of 35 assets reviewed to the Village’s asset list because the asset, purchase invoice and/or asset list did not contain specific identifying information, such as make, model or serial numbers.
- Develop and adopt a comprehensive, written capital asset policy.
- Maintain a complete, accurate and current inventory of all capital assets.
Village officials generally agreed with our recommendations and indicated they planned to initiate corrective action. Appendix B includes our comment on an issue raised in the Village’s response letter.