Audit Objective
Determine whether Scio Central School District (District) officials maintained complete and accurate capital asset records.
Key Findings
District officials did not maintain complete and accurate capital asset records. As a result, of the 100 capital assets with a total recorded replacement cost of approximately $113,000 we reviewed, 51 assets with a total replacement cost of approximately $38,000 could not be located. The missing assets included laptops, digital cameras, computer monitors and televisions.
- For all 100 capital assets, certain key information such as the initial cost, current value, salvage value or the individual assigned custody of the asset was not recorded.
- 38 capital assets with a total recorded replacement cost of approximately $47,000 did not have their location listed.
- Although required annually, the last physical inventory was conducted in 2017.
The Superintendent of Schools (Superintendent) and former Business Administrator (Administrator), while familiar with the District’s asset policy and procedures, did not comply with them. Had the Board of Education (Board) ensured that the Superintendent and former Administrator complied with the District’s policy, complete and accurate assets records may have been maintained.
Key Recommendations
- Maintain capital asset records that comply with District asset policy and procedures.
- Conduct an annual physical inventory of capital assets.
District officials agreed with our recommendations and indicated they intend to initiate corrective action.