7450 - INVENTORY PROCEDURE
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 the principal or department supervisor as appropriate.
Inventory sheets will be provided by the Chief Financial Officer's office and will include:
Date
Building/Department
Item Description
Part #/Catalog #
Quantity
Unit Cost
Extended Cost
Grand Total Cost
Follow-through procedure
Upon completion of the inventory process at the Building/Department level, return all consumable inventory sheets to the Chief Financial Officer's office. After verification by the Chief Financial Officer's office, the District Consumable Inventory Fiscal Year End Report will be compiled and a request sent to the State Auditors for observation and verification of the inventory. 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.
New Equipment Inventory Control Procedures
All equipment with a value of $500 or more or that has a life of over five (5) years, is to be given an inventory number and recorded on the New Equipment Inventory listing located in the Chief Financial Officer's office.
Textbook Inventory Procedures
All nonconsumable textbooks, teachers editions of textbooks, and reference books that are not controlled by the library, are to be stamped and numbered.
Hardback Textbooks and Teacher's Editions
Each book is stamped with the school or District name on the inside front cover and on any page in the middle of the book.
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.