“District officials agreed with our recommendations and indicated they intend to initiate corrective action”
From the Office of the NYS Comptroller,
Issued Date July 03, 2024, [read complete report – pdf]
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.
Audit Period July 1, 2022 – March 22, 2024
Background
The District is located in the Towns of Alma, Amity, Andover, Bolivar, Friendship, Scio, Ward, Wellsville and Wirt in Allegany County.
The District is governed by the elected seven-member Board, which is responsible for managing the District’s financial and educational affairs. The Superintendent is the chief executive officer and is responsible, along with other administrative staff, for the District’s day-to-day management.
The Administrator, under the Direction of the Superintendent, is responsible for maintaining an accurate perpetual inventory record of District capital assets. And arranging for the annual physical inventory of capital assets.
The District contracts with a vendor for an annual capital asset report and inventory record that is based on information supplied by the Administrator.
