As steward of this District's property, the Board of Education 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 District-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, is non-expendable and does not lose its identity when incorporated into a more complex unit.

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

Major items of equipment shall be subject to annual spot check inventory to determine loss, mislocation or depreciation; any major loss shall be reported to the Board.

The Director of Business Services shall maintain a system of property records which shall show, as appropriate to the item recorded: