ALBANY – An audit of the Hyde Park Central School District by the State Comptroller’s Office found the district does not have a comprehensive policy for identifying and recording fixed assets.
The study, for the period of July 1, 2017 to September 20, 2018, also found district officials improperly appointed the purchasing agent as the property control manager, resulting in an inadequate segregation of duties.
Auditors also said assets were not tagged as district property for seven items valued at $42,669, out of 30 assets that were tested totaling $300, 614.
The report also said assets disposed of were not removed from the master inventory list.
The comptroller’s office said the board should adopt a comprehensive policy that includes threshold amounts for controlling inventory and procedures for maintaining fixed asset records.
Also, district officials should ensure all fixed assets with values that exceed the threshold carry a tag identifying them as district property.
And the report said district officials should review fixed asset records each year to ensure they are accurate and up to date.
District officials generally agreed with the state’s recommendations and indicated they will take correction action.
