TO: All Department, Agency, and Activity Heads
CC: Department of Finance
FROM: Governor
SUBJECT: Fixed Asset Inventory Resolution
The ongoing Coronavirus Disease 2019 (COVID-19) pandemic has resulted in unprecedented adverse economic impacts to the Commonwealth of the Northern Mariana Islands (CNMI). These circumstances have forced the administration to implement stringent measures and reallocate limited funding to support the CNMI COVID-19 Task Force. The CNMI government must explore all remaining alternatives to stabilize the Commonwealth’s financial position. Among these measures is to preserve our ability to maintain awarded federal grants and our capacity to apply for similar opportunities to continue the acquisition of federal resources to stimulate economic activity.
In line with this objective, the Department of Finance and all government agencies involved must resolve existing Fixed Asset Inventory Findings and collaborate with the Division of Procurement and Supply to resolve these prevailing issues. Full federal and local compliance is a necessary component to ensure the administration takes full advantage of opportunities to provide greater services and resources to the public.
Therefore, the following actions must be taken immediately:
Fixed Asset Inventory Requirements:
· Reconcile all Fixed Assets
· Report compliance and reconciliation activities to auditors
· Promulgate procedures to reduce reoccurring property management findings on the next CNMI Single Audit
The Division of Procurement and Supply will communicate with your department or agency to retrieve data essential to address prevailing Fixed Asset Findings. Please prepare a copy of your fixed asset inventory listing, inventory verification, and if applicable, copy of any communication between your grantor pertaining to inventory resolutions.
It is our objective to resolve all audit findings within this fiscal year. Accurate data and financial reporting are essential to meeting this objective.
The Office of the Governor and Department of Finance look forward to your attention of the matter.
Sincerely,
/s/
RALPH DLG. TORRES
Governor
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