On July 23, 2003, the OIG issued Audit Report 3-34, Audit of SBA’s Compliance with Joint Financial Management Improvement Program Property Management System Requirements. The objective of this audit was to assess SBA’s compliance with applicable Joint Financial Management Improvement Program (JFMIP) requirements including Property Management Systems Requirements. The OIG concluded that the SBA’s property management system complied with the requirements of the JFMIP in many areas; however, SBA’s property management system was not compliant with requirements for feeding property data into SBA’s core financial system and lacked necessary cost control and accountability features. Further, the SBA’s property management systems were fragmented and no single, agency-wide functional system was used. The OIG issued four findings and recommendations, specifically: (1) the SBA’s two property management systems did not interface; (2) Property, plant, and equipment records were not always recorded in the SBA property management systems; (3) Current asset capitalization thresholds were not consistent with SBA’s Standard Operating Procedures; and (4) FAAS operational controls were inadequate.