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Policy Manual

7450 - Property Inventory

The Superintendent or designee is responsible for managing the inventory of tangible and intangible personal property. The Property Control Department will issue tags to property in accordance with Chapter 1. The tag has a bar-code of an alphabetical letter and five (5) digits.

The Inventory Process

  A. Site Inventory Responsibilities
    Each Principal or Site Administrator is responsible for maintaining accurate property records of all tagged property. Questions concerning Title I/Migrant funded property should be directed to the Title I Office.

 

    1. Each site must complete an annual physical inventory of all assets that qualify for a tag.

 

    2. Each site must reconcile its physical inventory to the District’s records in Lawson. This includes updating and recording missing serial number, manufacturer, model and room information. A copy of the reconciled inventory and supporting documents should be maintained in a three (3) ring binder. This will help with future questions that may arise.

 

    3. Each Site Administrator must submit a signed and dated copy of the reconciled inventory printout and supporting work papers to the Property Control Department. This report must be the Lawson Crystal version, run in tag number sequence. This printout must contain checkmarks by each item that was located on site. Items that are missing, stolen, or removed from the site must not be marked as verified.

 

    4. The reconciled annual physical inventory must be submitted to the Property Control Department on the closest work day of the following dates: October 15th – all elementary schools; November 15th - all middle schools; December 15th – all high schools and other sites.

 

  B. Procedures
    Maintaining and protecting the site’s assets is an ongoing process. Keeping complete documentation and continually updating records are essential in having a successful physical inventory. In order to reconcile the physical inventory with the property records in Lawson Asset Management, the site must:

 

    1. select reports from the finance bookmark in Lawson and print a listing of all tagged assets assigned to the site;
      The printout must be a "FA1002 Condensed Fixed Asset Report" report. This report can be converted into EXCEL for additional sorts as an aid in the inventory process. If room or department printouts are used for the physical inventory, they must be consolidated to a master inventory report (Lawson Crystal version "FA1002") to ensure all items have been located. This Lawson Crystal inventory printout must be signed and dated by the Site Administrator and sent to the Property Control Department.

 

    2. identify a staff member to coordinate the site’s annual physical inventory;
      The designated staff member may distribute room or department inventory printouts. While there may be one (1) or two (2) people that coordinate an inventory, each site should have a committee that works together in establishing and maintaining the site’s inventory records. Every employee and staff member should be held responsible for the assets under their control.

 

    3. have staff check-off items listed on the inventory printout as they are located;
      Cross-off incorrect information and adjacent to the original information write the correct (serial, model, manufacturer, room number, dept, etc.).

 

    4. have staff return the corrected printout to the inventory coordinator for consolidation to the master printout (Lawson Crystal Report "FA1002");

 

    5. check the consolidated printout to verify that all items have been located;
      Any items not located must be researched against SB-00126 transfer forms, repair tickets, equipment loan contracts (renewed annually and includes musical instrument contracts), property damage reports (PDR-100) and any other documentation that may help account for the items. The site must create a list of missing items.

 

    6. create a list of the items found at the site that were not on the inventory printout;
      Compare the list of "found" items against the "missing" items to see if additional reconciliation is necessary.

 

    7. update all corrections to the Lawson Asset Management - Asset Attributes (AM23.1) at the conclusion of the physical inventory;

 

    8. have the Site Administrator sign, date, and submit a copy of the master inventory printout (Lawson Crystal Report "FA1002") to the Property Control Department;

 

    9. have a copy of the "missing and/or found" list, as well as any necessary transfer forms that had not processed, accompanying the reconciled master inventory printout;

 

    10. submit a Property Loss and Damage Report (PDR-100) for "missing" items.

 

    11. with Area Director approval, have an attest letter may be utilized to explain obsolete/damaged items that were removed, but paperwork cannot be located.

 

In summary, the following must be submitted to the Property Control Department:

  A. The actual master inventory report (Lawson Crystal Report "FA1002") signed by the Site Administrator.

 

  B. Found Asset List (If applicable).

 

  C. Missing Asset List (If applicable).

 

  D. Any other work papers needed to reconcile the inventory

 

Property Control Department Sample Inventory Audit

  A. The Property Control Department will review the site’s submitted inventory and select a sample (minimum of fifteen (15) items), to validate the results of the site’s physical inventory.

 

  B. Approximately three (3) weeks before the audit, a list of the selected assets and notice of the pending audit will be sent to the Site Administrator. The selected items must be available for review by Property Control staff when they arrive for the audit.

 

  C. At the end of the audit, an Exit Conference will be scheduled with the Site Administrator to discuss the audit findings. The site will have thirty (30) days to find missing items before a Final Report is issued. A Preliminary Report will be issued to the Site Administrator and Area Director.

 

  D. After thirty (30) days, the Property Control Department will do a follow-up with the site to see if missing items have been located and note procedures the site has initiated to prevent future exceptions. If items are still missing at the follow-up visit, the site must immediately complete a Property Damage and Loss Report (PDR-100). A Final Report will be issued and the site’s inventory will be rated as "Exemplary," "Satisfactory," or "Unsatisfactory." Copies of the final report will be submitted to the Site Administrator and Area Director. School security will receive a copy of the final report if there are missing items.

 

  E. A site undergoing major renovations will be rated.

 

  F. If the site’s rating is "Unsatisfactory," the Property Control Department may be requested to do a complete physical inventory of items $1,000 and higher.

 

The assigned rating is based on the physical audit and the site’s submitted inventory. This includes all assets, not just those above $1,000.

Exemplary Rating

  A. No missing items/no procedural deficiencies.

 

  B. Inventory completed and submitted to the Property Control Department by the assigned due date.

 

Satisfactory Rating

  A. New items are engraved when received.

 

  B. Asset tags are attached to appropriate property.

 

  C. Two percent (2%) or less of inventory missing.

 

  D. Fewer than two (2) recurring exceptions.

 

Unsatisfactory Rating

  A. Ten percent (10%) or more of new items not engraved.

 

  B. Ten percent (10%) or more of newer items do not have room, serial, or mfg.

 

  C. Inconsistent procedures in receiving or labeling of items.

 

  D. More than two percent (2%) of inventory missing.

 

  E. Two (2) or more recurring exceptions.

 

  F. No inventory, incomplete inventory, or inventory submitted forty-five (45) work days, or more, after the due date.

 

  G. Missing or stolen items not submitted on a PDR–100 in a timely manner (within twenty-four (24) hours for theft and within thirty (30) days for missing items).

 

  H. Items checked off as verified on the submitted inventory, but staff knew were missing, stolen, or had been transferred/removed.

 

Change in Site Administrator

The new Site Administrator must ensure that a new physical inventory is completed.

A new Site Administrator may request the Property Control Department to conduct an audit of its inventory, if it has been more than sixty (60) days since the Property Control Department audited the site’s inventory.

Approved 5/18/12

© Hillsborough 2012

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