• DID: Inventories


    The Board recognizes the importance of accurate inventory and properly maintained property records.

    The District regularly conducts a complete inventory, by physical count, of all District-owned equipment. For purposes of this policy, “equipment” means a unit of furniture or furnishings, an instrument, a machine, an apparatus, or articles that retain shape and appearance with use, is nonexpendable, and does not lose its identity when incorporated into a more complex unit. Some grant and federal funding agreements identify a financial threshold of equipment that the District must inventory. The District maintains a consolidated fixed asset accounting system. The fixed asset system maintains sufficient information to permit:

    • Preparation of year-end financial statements following generally accepted accounting principles
    • Adequate insurance coverage
    • Control and accountability, including purchase history and location of all the District’s fixed assets required in the year-end financial statements

    The Chief Financial Officer establishes uniform procedures for defining, taking inventory of, and accounting for fixed assets to be distributed to and adhered to by District employees.


    • Adopted: May 16, 2002
    • Amended: May 24, 2022

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