Audit finds Nebraska Supreme Court kept no inventory of its fixed assets
June 13, 2013
The most recent audit of the Nebraska Supreme Court, conducted by State Auditor Mark Foley, found several financial and accounting problems, according to the Nebraska Radio Network. Chief among the issues was the fact that the Court neglected the state requirement to keep an inventory of its fixed assets. The historical cost of items owned by the court is more than $700,000, which the judicial institution failed to track effectively. Additionally, the audit found numerous ghost and zombie assets in what inventory records did exist. Among the discrepancies found in the audit, the lack of a fixed assets inventory is one of the few Nebraska Radio Network chose to report.
It is important for all organizations to maintain records on their fixed assets. This is especially true for government entities. The fixed assets of the Nebraska Supreme Court were purchased with Nebraska taxpayer money, meaning there is public interest in the location and value of these assets. Failing to keep adequate inventory places property at risk of being stolen or lost. Fixed asset management software and inventory tags can help prevent record-keeping issues from arising.