John Glenn School Corporation
Administrative Guidelines
 

7450 - INVENTORY PROCEDURE

 A.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 an annual inventory of consumable supplies and materials on hand at fiscal year end, June 30th.

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

Inventory sheets will be provided by the principal's office and will include:

Date

Building/Department

Item Description

Part #/Catalog #

Quantity

Unit Cost

Extended Cost

Grand Total Cost

 B.Responsibilities of Physical Inventory Area Supervisor

To supervise the inventory for a specific location.

 C.New Equipment Inventory Control Procedures
  All equipment with a value of $500.00 or more or that has a life of over ten (10) years, is to be given an inventory number and recorded on the New Equipment Inventory listing located in the principal's office.

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

  2.After inspection, an inventory ID Number should be attached. These numbers are to be issued in sequence, by the principal's office. The sticker should be attached as close as possible to the serial number, without covering any information pertinent to the repair or replacement of the equipment.

  3.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.

  4.All information should be submitted to the principal's office for placement in the "New Equipment" file.

 D.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 Corporation 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.

  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 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.

 E.Workbook Inventory Procedures

  1.Purchases made throughout the year will be added to the previous year's ending inventory giving a total of books available for sale. At the end of the fiscal year a new inventory will be taken. This figure will indicate the total amount of books sold. Total amount of books sold, multiplied by the cost, should be equal to the amount deposited throughout the year for workbooks.

  2.Workbooks are not to be stamped or marked in any way with Corporation identification.