7450 - INVENTORY PROCEDURE

Wayne Trace Local School District

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.
		Inventory sheets will be provided by the Treasurer's office and will include:
		Date
		Building/Department
		Item Description
		Part #/Catalog #
		Quantity

Responsibilities of Physical Inventory Area Supervisor

		1.	To supervise the inventory for a specific location.
		2.	To serve as the contact with the Treasurer's office during the inventory.

	C.	New Equipment Inventory Control Procedures
		All equipment with a value of $1,000 or more or that has a life of over five (5) years, is to be given an inventory number and recorded on the New Equipment Inventory listing located in the Treasurer's 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.

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.

At the end of each school year, a new inventory report is sorted by school and teacher. 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.