7450 - PROPERTY INVENTORY
As steward of this District's property, the Board recognizes that efficient management and full replacement upon loss requires accurate inventory and properly maintained property records.
The Board shall conduct a complete inventory of all District-owned equipment and supplies, including computing devices annually and Generally Accepted Accounting Principles (GAAP) reporting requirements.
For purposes of this policy, "equipment" means tangible personal property (including information technology systems) having a useful life of more than one (1) year and a per-unit acquisition cost which equals or exceeds $10,000.
It shall be the duty of the District Administrator and Business Manager to ensure that inventories are recorded systematically and accurately and property records of equipment are updated and adjusted annually by reference to purchase orders and withdrawal reports.
Major items of equipment shall be subject to annual spot check inventory to determine loss, mislocation, or depreciation; any major loss shall be reported to the Board.
Equipment and computing devices acquired under a Federal award will vest upon acquisition to the District, subject to the following conditions:
The property shall be used in the program or project for which it was acquired as long as needed, whether or not the project or program continues to be supported by the Federal award.
When no longer needed for the original program or project, the property may be used in other activities in the following order of priority: 1) activities under a Federal award from the Federal awarding agency which funded the original program or project; then 2) activities under Federal awards from other Federal awarding agencies.
During the time that property is used on the project or program for which it was acquired, the District must also make the property available for use on other projects or programs currently or previously supported by the Federal program, provided that the use will not interfere with the work on the original project or program.
The property shall not be encumbered without the approval of the Federal awarding agency or the pass-through entity.
The property may only be used and disposed of in accordance with the provisions of the Federal awarding agency or the pass-through entity.
Property records shall be maintained that include a description and identification (serial number or other identification number), in accordance with this policy.
A physical inventory of the property must be taken and results reconciled with property records at least once every two (2) years, in accordance with this policy.
A control system shall be developed to provide adequate safeguards to prevent loss, damage, or theft of the property. Any such loss, damage, or theft shall be investigated.
Adequate maintenance procedures shall be implemented to keep the property in good condition.
Proper sales procedures shall be established to ensure the highest possible return, in the event the District is authorized or required to sell the equipment/property.
When original or replacement equipment acquired under a Federal award is no longer needed for the original project/program or for activities currently or previously supported by a Federal awarding agency, and except as otherwise provided by Federal statutes, regulations, or Federal awarding agency disposition instructions, the District shall request disposition instructions from the Federal awarding agency if required by the terms and conditions of the Federal award. Disposition of the equipment shall be made in accordance with the provisions of 2 C.F.R. 200.313.
Revised 11/16/16
Revised 9/15/21
Revised 3/26/25
Revised 8/20/25
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