Audit Objective 

Determine whether Randolph Academy Union Free School District (District) officials maintained complete and accurate capital asset inventory records.

Key Findings 

District officials did not maintain complete and accurate capital asset inventory records. The District Superintendent (Superintendent) was responsible for maintaining capital asset inventory records but was unfamiliar with the requirements of, and did not comply with, the District’s capital asset policy. As a result, of the 90 capital assets with a total purchase cost of approximately $93,000 that we selected for review, four laptop computers with a purchase cost totaling approximately $2,000 could not be located, and five capital assets with a purchase cost totaling approximately $3,000, including a gaming laptop, a karaoke machine and noise canceling headphones, were not included on the inventory records, making them more susceptible to theft without detection. In addition, capital asset inventory records also contained one or more of the following exceptions: 

• For all 90 capital assets reviewed, certain key information such as the purchase cost, current value and salvage value was not recorded.
• 44 capital assets totaling approximately $26,000 did not have the individual who was assigned custody of the capital asset listed.

Recommendations 

The audit report includes six recommendations that, if implemented, will improve the District’s asset management.

District officials generally agreed with our findings and recommendations and indicated they will initiate corrective action.