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Audit Objective

Determine whether Delaware-Chenango- Madison-Otsego (DCMO) Board of Cooperative Educational Services (BOCES) officials properly monitored and accounted for fixed assets.

Key Findings

BOCES officials did not properly monitor and account for fixed assets. Thirty-two (64 percent) of the assets tested and valued at $64,300 were not properly accounted for. We found:

• 28 assets (computers, electrostatic sprayers, nursing beds and other assets) with combined purchase prices of approximately $47,500 did not have required asset tags, were not on the inventory or information technology (IT) inventory asset lists and/or had incorrect or no location noted on the inventory list.
• A color copier and refrigerator with a combined purchase price of more than $7,200 could not be located. Another two assets (a phone server and a computer) valued at $9,600 were listed in BOCES inventory as active and could not be found. These assets were declared surplus and officials believe were disposed.
• No periodic inventory checks were performed, and officials do not know the last time they performed one.

Key Recommendations

• Maintain accurate and up-to-date inventory records.
• Ensure compliance with BOCES fixed asset and disposal policies including performing periodic inventory checks.

BOCES officials generally agreed with our recommendations and indicated they would take corrective action.