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Inventories: DID

  • Fiscal Management: D
Inventories: DID

The school district shall maintain a system for an annual inventory of all items costing $5000 or more and having a life expectancy of over five years, with the exception of equipment permanently fixed in a building such as heaters or lockers.

Items purchased with Federal Grant funds must follow the guidelines set by the fund’s governing body. The Grants Accountant can provide specifics for each Federal Grant.

Each September the Finance office will distribute current computerized equipment listings to all school district facilities. Physical inventories shall be required in order to update this list. Complete inventory instructions will also be provided at that time. In addition, the Finance office will provide permanent inventory tags to each facility with instructions as to their proper application.

Physical inspection of all tagged items will be done by the Finance office. Every tagged asset must be physically inspected at least once every three years.

Responsibility for the system shall lie with the superintendent to whom principals shall be accountable for the maintenance of proper inventories in their schools.

 

Adopted October 14, 1975

Revised 1978

Revised December 13, 1988

Revised February 23, 1993

Revised February 8, 1994

Revised November 12, 1996

Revised May 23, 2000

Revised March 31##, 2014

 

LEGAL REF.: C.R.S. 29-1-506(2)

C.F.R. 80.32

  • Finance