Purpose of Audit

The purpose of our audit was to review controls over the District’s fixed assets for the period July 1, 2013 through April 14, 2015.

Background

The Yonkers City School District is the school district for the City of Yonkers. The District operates 39 schools with approximately 26,000 students. As of July 1, 2014, the responsibility for the District’s financial operations was transferred to the City. Expenditures in 2014 totaled approximately $526 million.

Key Finding

• Of the 30 assets we selected to review, 10 were either not tagged or the asset tag information did not agree with the accounting records, 10 could not be located, nine could not be located on an asset list and 20 that were recorded as disposed of did not have disposal request forms from the departments responsible for those assets.

Key Recommendation

• Ensure that all fixed assets valued at $500 or greater for insurance purposes and $5,000 or greater for inventory and depreciation purposes have tags affixed to them, locate the missing inventory items identified in this report, maintain accurate asset lists and ensure that all disposal request forms are submitted to the District office.