7450 - INVENTORY PROCEDURE

1. General Procedure for Consumable Inventory
   
   In order for the District to meet requirements for preparing GAAP (Generally Accepted Accounting Procedures) basic financial statements, it is necessary to conduct an annual inventory of consumable supplies and materials on hand at fiscal year-end, June 30th.
   
   The Physical Inventory Area Supervisor for each building/department will be thebuilding principal or department supervisor as appropriate.
   
   Inventory sheets will be provided by the building's office.
2. Exceptions to above procedures
    
   1. Buildings and Grounds Department
      
      Inventory conducted by building location.
   2. Food Service
   3. Transportation
      
      The Buildings and Grounds Director is to provide a list of specific supply and repair items to be inventoried due to accumulated value of parts on hand necessitated by summer repair schedules.
3. Follow-through procedure
   
   Each Building/Department will be apprised of this schedule and upon verification by the auditors, the inventory process will be complete for that fiscal year.
4. New Equipment Inventory Control Procedures
   
   All equipment with a value of $10,000 or more or that has a useful life of more than one (1) year is to be given an inventory number and recorded on the New Equipment Inventory listing located in the Director of Business Services's office.
    
   1. Remove equipment from the shipping container. Inspect it to be sure all parts have been received and are in good condition.
   2. After inspection, an inventory ID Number should be attached.
   3. All information pertaining to the equipment, i.e., item, serial number, vendor, date of purchase, cost, building located in, room located in, maintenance agreement, etc. should be recorded on the new inventory listing.
   4. All information should be submitted to the Director of Business Services for placement in the 'New Equipment' file.
5. Textbook Inventory Procedures
   
   All nonconsumable textbooks, teacher's editions of textbooks, and reference books that are not controlled by the library are to be stamped and numbered.
   
   Hardback Textbooks, Paperback Books, and Teacher's Editions
    
   1. Each book is stamped with the school or District name on the inside front cover.
   2. Numbering is done on the inside front cover and contains the year purchased and the book number. (Example: 96-0, 96-2, 96-3) Each book title will receive its own set of sequenced numbers.
6. Workbook Inventory Procedures

Purchases made throughout the year will be added to the previous year's ending inventory giving a total of books available for sale. At the end of the fiscal year, a new inventory will be taken. This figure will indicate the total amount of books sold. Total amount of books sold, multiplied by the cost, should be equal to the amount deposited throughout the year for workbooks.

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