2331-6 - Inventory Management
2331-6 Inventory Management 2331-6
EQUIPMENT AND SUPPLIES PURCHASED WITH FEDERAL FUNDS
Equipment and supplies acquired with federal funds will be used, managed, and disposed
of in accordance with applicable state and federal requirements. Property records and
inventory systems shall be sufficiently maintained to account for and track equipment that
has been acquired with federal funds. In furtherance thereof, the following minimum
standards and controls shall apply to any equipment or items acquired in whole or in part
under a Federal award until such property is disposed in accordance with applicable laws,
regulations and Board policies:
A. “Equipment” and “Pilferable Items” Defined: For purposes of this policy,
“equipment” means tangible personal property (including information technology
systems) having a useful life of more than one year and a per-unit acquisition cost which
equals or exceeds the lesser of $5,000, or the capitalization level established by the
District for financial statement purposes. “Pilferable items” are those items, regardless of
cost, which may be easily lost or stolen, such as cell phones, tablets, graphing
calculators, software, projectors, cameras and other video equipment, computer
equipment and televisions.
B. Records: The Superintendent or his/her designee shall maintain records that include
a description of the property; a serial number or other identification number; the source of
the funding for the property (including the federal award identification number (FAIN));
who holds title; the acquisition date; the cost of the property; the percentage of the
federal participation in the project costs for the federal award under which the property
was acquired; the location, use, and condition of the property; and any ultimate
disposition data, including the date of disposition and sale price of the property.
C. Inventory: No less than once every two years, the Superintendent or his/her
designee shall cause a physical inventory of all equipment and pilferable items must be
taken and the results reconciled with the property records at least once every two years.
Except as otherwise provided in this policy inventories shall be conducted consistent with
Board Policy 2310.
designee shall cause a physical inventory of all equipment and pilferable items must be
taken and the results reconciled with the property records at least once every two years.
Except as otherwise provided in this policy inventories shall be conducted consistent with
Board Policy 2310.
D. Control, Maintenance and Disposition: The Superintendent shall develop
administrative procedures relative to property procured in whole or in part with Federal
funds to:
1. prevent loss, damage, or theft of the property; Any loss, damage, or theft must be
investigated;
2. to maintain the property and keep it in good condition; and
3. to ensure the highest possible return through proper sales procedures, in those
instances where the District is authorized to sell the property.
Approved: 2/2020