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Otsego Northern Catskills Board of Cooperative Educational Services – Fixed Assets (2021M-88)

Issued Date
July 30, 2021

[read complete report - pdf]

Audit Objective

Determine whether Otsego Northern Catskills Board of Cooperative Educational Services (ONC BOCES) officials properly monitored and accounted for fixed assets.

Key Findings

ONC BOCES officials did not properly monitor and account for 66 percent of the 76 fixed assets we examined, including security cameras, computers, tools and equipment. We found:

  • 30 assets totaling more than $104,000 did not have required asset tags.
  • Eight assets totaling more than $12,000 were not added to the inventory list.
  • Three assets totaling more than $6,000 were not located.
  • Seven assets totaling $18,600 were found at different locations than shown on the inventory list.

Key Recommendations

  • Ensure that accurate and up-to-date inventory and IT inventory lists are maintained.
  • Ensure that fixed assets valued at $1,000 or more and IT assets are appropriately tagged.
  • Ensure that discrepancies and changes identified during physical inventories are reported and recorded.

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