3440 – Business – Management of District Assets/ Accounts – Inventories

Policy – x
Regulation –
Exhibit –

Adopted – 11/3/1994
Revised – 5/27/1999
In order to provide for the proper control and conservation of district property, the Superintendent or designee shall maintain an inventory of equipment in accordance with law for the following:

1. All items currently valued in excess of $500 (Education Code 35168)
2. All items purchased with federal funds that have a useful life of more than one year with an acquisition cost per unit of $5,000 or more (34 CFR 80.3)

The following information must b e recorded:

1. Name and description of the property
2. Name of titleholder
3. Serial number or other identification number
4. Cost of the property (a reasonable estimate may be used if original cost is unknown)
5. Acquisition date
6. Location of use
7. Any ultimate disposition data including the date and method of disposal and sale price

The following information must also be recorded for items acquired with federal funds, as defined above: (34 CFR 80.32)

1. Source of the property (funding source)
2. Use and condition of property
3. Percentage of federal participation in the cost of the property

A physical inventory shall be conducted annually and the results reconciled with the property records. (34 CFR 80.32)

Each school shall maintain a copy of its inventory and provide a copy of this inventory to the district office. Copies of all district inventories shall be kept at the district office.

EC 35168; CODE OF REGS, TITLE 5 3946, 16023, 16035; US CODE, TITLE 20 2301-2471; CODE OF FED REGS, TITLE 34 80.1-80.52; OFFICE OF MANAGEMENT AND BUDGET Circular A-87, Cost Principles for State, Local and Indian Tribal Govts., May 17, 1995.
CSBA Date – 6/89

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