7450 - INVENTORY PROCEDURE

Cedar Springs Public School District

Administrative Guidelines

7450 - INVENTORY PROCEDURE

A.	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 is taken at least annually by the Director of Operations. A separate inventory is done for food service.

B.	Follow-through procedure

	Upon completion of the inventory process, return all consumable inventory sheets to the Business Office. After verification by the Business Office accounts will be adjusted, as necessary.

C.	New Equipment Inventory Control Procedures

	All equipment with a value of $500 or more and has a life of over one (1) year, is to be given an inventory number and recorded on the New Equipment Inventory listing located in the Business office.

	1.	Remove equipment from the shipping container. Inspect it to be sure all parts have been received and are in good condition.

	2.	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.

	3.	The listing is presently recorded on an Excel Document in the Business Office

	4.	All information should be submitted to the Business Office for placement in the "New Equipment" file.

E.	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

		a.	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.

		b.	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.

	3.	Paperback Books

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

		b.	Once the books are received, all pertinent information concerning the purchase is recorded in the "Textbook Inventory" file located in the principal's office. Information such as title, publisher, cost, building and teacher, and copyright are recorded.

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 principal to update the records. Reasons for most changes are replacement of texts with a new edition or a destroyed or lost book. Each teacher is also to submit Form 5513 F1-Textbook Condition, indicating the condition of each textbook issued to students.