• DID: Inventories

    Policy

    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.

    History

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

    Legal References