Board Policies

Adoption Date: Dec 27, 1993
Revision Date: Jun 09, 2004

As steward of this Corporation’s property, the Board recognizes that efficient management and full replacement upon loss requires accurate inventory and properly maintained property records.

The Board shall authorize the maintenance of a continuous inventory of all Corporation-owned equipment and supplies annually.

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, costs at least $2,500 to replace as a single unit and does not lose its identity when incorporated into a more complex unit.

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

Each building principal/supervisor shall conduct an annual spot-check inventory of major items of equipment to determine loss, mislocation, or depreciation. Any major loss greater than $2,500 shall be reported to the Board.

The business manager shall maintain a system of property records which shall show, as appropriate to the item recorded:

A. description and identification;

B. manufacturer;

C. year of purchase;

D. initial cost;

E. location;

F. condition and depreciation; and,

G. evaluation in conformity with insurance requirements.

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