If an applicant purchases equipment with E-rate funds, they must retain up-to-date documentation of the equipment location, typically with asset tracking protocols and a database. In the event of an E-rate audit, this documentation will need to be readily available for review.
This may be an easy regulation for applicants to forget, since not one applicant has been able to purchase any equipment with E-rate funds since FY 2012. As of February 19, 2015 a mere 3,385 applicants received Priority Two funding decision for FY 2012.
Based on new E-rate rules, applicants will have a budget that they will be able to potentially use for the next five funding years in order to purchase WiFi and LAN equipment. Many applicant sites which did not qualify for higher discount rates and previously did not consider filing for Priority Two purchases now find themselves able to seek Category Two discounts with the new program rules and increased E‚Äërate fund. For the first time in years, many applicants will be learning the unique E-rate rules which govern the purchase of equipment.
Below is a sample of some of the important items an auditor will expect in equipment asset tracking documentation:
Funds For Learning has created E-rate Manager®, an award winning E-rate compliance tool that helps schools track their funding, create all their forms, monitor deadlines, store their documentation and even track E-rate assets to help our subscribers demonstrate program compliance in the event of an audit.