4.16 Inventory Control Policy

A perpetual inventory of fixed assets and related depreciation schedules shall be established and maintained at the direction of the Chief Financial Officer. Such inventory shall provide that assets valued at $5,000 or more be listed in a fixed asset group of accounts. All such fixed assets, as well as all items with values less than $5,000 but requiring inventory controls by federal and state agencies such as the Department of Elementary and Secondary Education, will be tagged with numbered identifying labels in order to provide security and maintenance of the assets.

(Adopted 12-3-1968; Revised 4-7-2003)