| Cardinal 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 or department supervisor as appropriate. | ||
| Inventory sheets will be provided by the Treasurer's office and will include: | ||
| Date | ||
| Building/Department | ||
| Item Description | ||
| Part #/Catalog # | ||
| Quantity | ||
| Unit Cost | ||
| Extended Cost | ||
| Grand Total Cost | ||
| B. | Actions to be Taken (During Inventory) |
| 1. | Issue inventory sheets and record to whom issued. REMEMBER - ALL SHEETS MUST BE ACCOUNTED FOR! | ||
| 2. | Check to see that all completed inventory sheets are accounted for. | ||
| 3. | Return all (used and unused) inventory sheets in numerical sequence to the Treasurer's office no later than the scheduled completion date. |
| C. | New Equipment Inventory Control Procedures | |
| All equipment with a value of $500 or more or that has a life of over three (3) years, is to be given an inventory number and recorded on the New Equipment Inventory listing located in the Treasurer's office. | ||
| After inspection, an inventory ID Number should be attached. These numbers are to be issued in sequence. The sticker should be attached as close as possible to the serial number, without covering any information pertinent to the repair or replacement of the equipment. | ||
| All information pertaining to the equipment, i.e., item, serial number, vendor, date of purchase, cost, building located in, room located in, maintenance agreement, etc. should be recorded on the new inventory listing. |