Press Release  Audit Raises Concerns about Framingham State University Inventory Process

Boston — Auditor Suzanne M. Bump today released an audit which found that Framingham State University (FSU) did not properly manage its physical inventory. In addition, the audit showed that the school’s inventory records contained inaccuracies.

“Poor inventory controls means that physical assets of Framingham State University are at greater risk of loss or theft,” Bump said of the audit. “In addition to the potential for loss of property, our audit also found that, without proper documentation of its destruction, the school could be putting sensitive data at risk.”

The audit found that the school did not record all physical assets in its inventory, complete annual physical asset inventories, properly dispose of physical assets in its inventory, document that sensitive data had been removed from equipment being disposed of, and properly report missing or stolen items.  As a result of the audit, FSU reports that it has formed a task force to review property management policies, procedures, reporting, controls, and technologies. The University also reported that it is performing a full review of its fixed asset inventory, and researching inventory management best practices.

“Our colleges and universities are uniquely challenged since their campuses are open to students and the public and it is difficult to secure all property,” Bump said of the audit. “That said, the first step in property accountability is logging what you have and developing procedures to track it. FSU needs to improve in these fundamentals.”

Earlier this year, Bump released audits of the Massachusetts Maritime Academy, Massachusetts Bay Community College, and Middlesex Community College, all of which found similar problems with physical inventory control, as well as similar recommendations from her office to address the problems. In fiscal year 2016, the Office of the State Auditor received 45 reports of missing or stolen equipment from state colleges and universities valued at over $87,000.

Additionally, the audit found that FSU did comply with policies and procedures to ensure expenses related to consultants and business-related travel. It also found that FSU properly discloses information related to crime on or around campus as required by law.

The Framingham State University Audit is available here.

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