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

The Superintendent shall maintain a continuous inventory of all Corporation-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, and is nonexpendable.

It shall be the duty of the Superintendent 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 inventory of major items of equipment to determine loss, mislocation, or depreciation; any major loss shall be reported to the Board.

The business 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, and condition and depreciation.