Audit Objective 

Determine whether Greater Southern Tier (GST) Board of Cooperative Educational Services (BOCES) officials properly monitored and accounted for capital assets. 

Key Findings 

BOCES officials did not properly monitor and account for all capital assets and have not conducted periodic physical inventories in at least 10 years. As a result, officials lack assurance the capital asset records are complete and accurate, and that assets are protected from loss, theft, misuse and obsolescence. 

We reviewed 50 assets with a combined purchase price totaling approximately $259,900 and determined that 10 assets totaling $68,600 had exceptions: 

• Eight assets, totaling approximately $65,400, did not have required asset tags, were not on the inventory asset list and/or had incorrect locations on the inventory list. 
• A camcorder with a purchase price of $1,700 could not be located or accounted for. 
• A telecommunications switch with a purchase price of $1,500 was still active on the inventory list but was disposed of in October 2018. 

Key Recommendations 

• Ensure BOCES’ asset records are complete, accurate and up to date, and assets are tagged and recorded prior to being placed in service. 
• Conduct periodic physical inventories. 

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