Inventory Reconciliation Procedure
Annual Inventory Reconciliation Procedure
- School/Department will be provided with a property record report of all tangible personal property assigned to their cost center along with an Inventory Discrepancy Form.
- Sites that reported a 100% physical inventory in the previous year are designated as “gold status” and will verify and self report the current annual year inventory. A site can only be designated as “gold status” in alternate years. Self reporting sites are required to return their annotated property record report along with the signed Inventory Discrepancy Form within fifteen (15) days of receipt of reconciliation request.
- A member of property management will schedule a time to meet with the site Inventory Control Designee (ICD) to do a complete physical inventory.
- The items listed on the property record report shall be physically identified and each item shall be checked off indicating the information on the property record report is accurate. Noted differences such as location shall be investigated and corrected as appropriate or alternatively, the item shall be relocated to its assigned location in the individual property record report.
- Items notated as “unable to locate” (UTL) during the inventory process shall be reported on the Inventory Discrepancy Form which shall cause a thorough investigation to be made. Property management staff along with the ICD will endeavor to locate and/or discern disposition of the item. If the investigation determines that the item was stolen, the individual property record report shall be so noted, a Plant Security Report completed, and a report filed with the appropriate law enforcement agency describing the missing item and the circumstances surrounding its disappearance.
- The annotated property record report along with the completed Inventory Discrepancy Form must be sent to property management along with any supporting documentation of disposition of UTL’s.
- Upon final verification, the Principal/Site Administrator will be sent an Inventory Certification Form to confirm accuracy and completion of the annual inventory reconciliation.
- All items reported as UTL will be removed from the property record for your site and reported to the Chief Financial Officer and subsequently presented to the School Board for write off.
Last Modified on July 6, 2021