School City of East Chicago
Bylaws & Policies
 

7450 - PROPERTY INVENTORY

As steward of this Corporation's property, the School Board recognizes that efficient management and full replacement upon loss requires accurate inventory and properly maintained property records.

The Board shall conduct a complete inventory and maintain a continuous inventory of all Corporation-owned equipment and supplies annually at such intervals as will coincide with property insurance renewal.

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 $1,000 to replace and does not lose its identity when incorporated into a more complex unit.

It shall be the duty of the Director of Support Services to ensure that inventories are recorded systematically and accurately and property records of equipment are updated and adjusted annually by reference to purchase orders and withdrawal reports.

Each principal/supervisor shall conduct an annual spot-check inventory of major items of equipment to determine loss, mislocation, or depreciation; any major loss shall be reported to the Board.

Property records of consumable supplies shall be maintained on a continuous inventory basis.

The office of the fixed asset manager shall maintain a system of property records which shall show, as appropriate to the item recorded, description and identification, manufacturer, year of purchase, initial cost, location, condition and depreciation, and evaluation in conformity with insurance requirements.

© Neola 2003