PR 5410 Inventory Requirements
The Board shall require a physical count of all stock supply and equipment items at least once each year. This inventory total shall be recorded on the District's accounts.
This is done to provide:
- Complete local property information for ready reference.
- Information for insurance purposes.
- Audit needs to determine capital worth.
- Accountability of the physical property of the District.
The building principal is responsible for the inventory. The person responsible for the room and its contents should take the inventory.
"Physical Property" for inventory purposes is defined as that property other than the building and built-in facilities such as bookcases, wall lockers and toilets. "Physical Property" includes such items as desks, chairs, typewriters, computers, audio-visual equipment, shop, home economics and physical education equipment even though attached to the building (i.e., stage curtains, auditorium seating, clocks and public address systems). "Physical Property" meets all the following criteria:
- Retains its original shape and appearance with use.
- Is nonexpendable (more feasible to repair than replace).
- Represents an investment of money which makes it advisable to capitalize the item.
- Does not lose its identity through incorporation into a different or more complex unit.
"Physical Property" does not include supplies, textbooks, reference books, material, chalk and erasers, picture frames, cutlery, glassware, etc. Supply items which are not included are those which meet one or more of the following conditions:
- Loses its original shape or appearance
- Expendable (more feasible to replace than repair)
- Inexpensive item with value less than $250.00.
Inventory documentation includes:
- Serial/ID number
- Finding source
- Federal Award Identification Number (FAIN) where applicable
- Title holder, if applicable
- Acquisition date
- Percentage of Federal participation, if any
- Use and Condition
- Disposition, if applicable
Last modified: January 12, 2017