As steward of school property, the Board of Education recognizes that efficient management and full replacement upon loss requires accurate inventory and carefully maintained property records.

The Board shall maintain a current inventory of all District-owned equipment.

For purposes of this policy "equipment" shall mean a unit of furniture or furnishings, an instrument, a machine, an apparatus or a set of articles which retains its shape and appearance with use, is non-expendable, costs at least $5,000.00 as a single unit, and does not lose its identity when incorporated into a more complex unit.

It shall be the duty of the Treasurer/Director of Business & Fiscal Services to ensure that inventories are systematically and accurately recorded 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 an annual spot check inventory by the Treasurer/Director of Business & Fiscal Services to determine loss, mislocation, or depreciation; any major loss shall be reported to the Board.

The Treasurer/Director of Business & Fiscal Services shall maintain a system of property records which shall show, as appropriate to the item recorded:

Revised 2/25/02