BOROUGH OF NATIONAL PARK

Criteria or Specific Requirement: NJAC 5:30-5.6(a)(4)(i) requires property records to be maintained accurately, to reflect a description and source of the property, its ownership, the acquisition cost and date, the percentage of Federal participation in the acquisition, and the location, use, and condition of the property. Condition: The amount reported as fixed assets does not have sufficient supportin Context: The documentation supporting the initial inventory of fixed assets was not available for audit. Effect: Violation of NJAC 5:30-5.6(a)(4)(i) occurred. Cause: The municipality cannot locate the initial inventory list to support the amounts recorded for fixed assets. Recommendation: The fixed asset accounting and reporting system should be reviewed, and amounts recorded should be reconciled to supporting documentation. Views of responsible officials and planned corrective actions: The Chief Financial Officer agrees with the finding and is contracting to have the fixed asset accounting completed.

The Borough is in the process of soliciting prices for the Fixed Asset Accounting to be prepared by an outside firm. Due to the COVID19 this process was delayed.