7450 - INVENTORY PROCEDURE

1. General Procedure for Consumable Inventory

   In order for the Corporation to meet requirements for preparing GAAP (Generally Accepted Accounting Procedures) basic financial statements, it is necessary to conduct a biannual inventory of equipment on hand at fiscal year end, June 30th.

   The Physical Inventory Area Supervisor for each building/department will be the building administrator as appropriate.

2. Responsibilities of Physical Inventory Area Supervisor

   To serve as the contact with the business office during the inventory.

3. Action to be Taken (Pre-Inventory Planning)

   Buildings will be given adequate notice that an inventory will take place. They should make arrangements to allow access for inventory staff.

4. Actions to be Taken (During Inventory)

   1. Analyze each area with the inventory crew and determine the best course to follow.

   2. If necessary, request office personnel to provide aid in getting adequate descriptions, units of measure, and pricing information.

   3. Assign personnel to cost each item, extend cost, sub-total each page, and grand total on final page. This procedure should be spot checked and verified by Inventory Supervisor.

5. Exceptions to above procedures

   1. Facilities Department

      A threshold of $5000 may be lowered at the administrator’s discretion to include certain items determined to be necessary to include in inventory.

   2. Food Service

      Donated commodities should be recorded and costed separately from balance of supply inventory.

6. Follow-through procedure

   Upon completion of the inventory process at the Building/Department level, return all consumable inventory sheets to the business office.

7. New Equipment Inventory Control Procedures

   All equipment with a value of $5000 or more and that has a life of over three (3) years, is to be given an inventory number and recorded on the New Equipment Inventory listing located in the business office.

   1. All information pertaining to the equipment, i.e., item, serial number, date of purchase, cost, building located in, etc. should be recorded on the new inventory listing.

   2. The listing is presently recorded on Excel. It is located on a floppy disk and backup in the storage box in file folder "Equipment Inventory," with a file name of "New Equipment."

8. Textbook Inventory Procedures

   1. All nonconsumable textbooks, teachers editions of textbooks, and reference books that are not controlled by the library, are to be stamped and numbered.

   2. Hardback Textbooks and Teacher's Editions

      1. Each book is stamped with the school or Corporation name on the inside front cover.

      2. Numbering is done on the inside front cover. Each book title will receive its own set of sequenced numbers.

   3. Paperback Books

      1. Because of the small print, paperback books are stamped and numbered on the inside front cover.

      2. Once the books are received, all pertinent information concerning the purchase is recorded in the "Textbook Inventory" file located in the bookstore warehouse. Information such as title, publisher, cost, building and teacher, and copyright are recorded.

   4. At the end of each school year, a new inventory report is sorted by school and teacher and sent to the respective school. Each teacher updates and returns his/her report to the bookstore warehouse to update the records. Reasons for most changes are replacement of texts with a new edition or a destroyed or lost book.

9. Workbook Inventory Procedures

   As workbooks are received, they are entered in the "Workbook Inventory" file located in the bookstore warehouse.