Kent City Community Schools
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 Area Supervisor for each building/department will be the principal or department supervisor as appropriate.

   
 

Inventory sheets will be provided by the Business'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

   
 

1.

To supervise the inventory for a specific location.

     
 

2.

To serve as the contact with Business's office during the inventory.

   
 

C.

New Equipment Inventory Control Procedures

   
 

All equipment with a value of $5,000 or more or that has a life of over three (3) years, is to recorded on the New Equipment Inventory listing located in the Business office.

   
 

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 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.

At the end of each school year, each teacher notifies the building principal of any lost or damaged textbooks.

© Neola 2012