Audit Objective

Determine whether Cold Spring Harbor Central School District (District) officials properly recorded, tagged and accounted for capital asset purchases.

Key Findings

District officials did not properly record, tag and account for capital asset purchases. As a result, the District has an increased risk that its assets could be lost, misused or stolen. Deficiencies identified from our audit include:

• The Assistant Superintendent for Business (Assistant Superintendent) did not maintain a perpetual inventory of capital assets that had a minimum value of $500.
• 67 capital assets totaling $171,438 were not properly identified or recorded.
• The purchasing department did not prepare and distribute unique identification tags to be attached to capital assets that were purchased during our audit period.

Key Recommendation

• Attach unique identification tags to all capital assets that cost $500 or more (including similar items when grouped together) and add the capital assets to a perpetual inventory.

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