CODE: 3440
SECTION: BUSINESS AND NON-INSTRUCTIONAL OPERATIONS
INVENTORIES
The Board Secretary shall maintain an accurate and complete inventory of all buildings, fixed equipment and contents, and their value, in order to offer proof of loss in the event of an insurance claim and to provide a continuous chain of accountability.
The inventory shall be updated to account for new equipment and shall be verified in a cycle to coincide with the re-issuance of insurance policies. Consumable supplies shall be maintained on a continuous inventory basis.
Major discrepancies in inventories which are not resolved by proper GAAP accounting procedures shall be reported to the Board.
The Board shall determine when it is necessary to hire an outside service to assist in appraisal of the inventory.
First Reading: December 12, 2000
Adopted: December 19, 2000