DAF-6 - ADMINISTRATION OF FEDERAL GRANTS – INVENTORY MANAGEMENT

INVENTORY MANAGEMENT – EQUIPMENT AND SUPPLIES PURCHASED WITH FEDERAL FUNDS

Equipment and supplies acquired with federal funds will be used, managed, and disposed of in accordance with applicable state and federal requirements. Property records and inventory systems shall be sufficiently maintained to account for and track equipment that has been acquired with federal funds.  In furtherance thereof, the following minimum standards and controls shall apply to any equipment acquired in whole or in part under a Federal award until such property is disposed in accordance with applicable laws, regulations and Board policies:

A. Records:  The Business Office shall maintain records that include a description of the property; a serial number or other identification number; the source of the funding for the property (including the federal award identification number (FAIN)); who holds title; the acquisition date; the cost of the property; the percentage of the federal participation in the project costs for the federal award under which the property was acquired; the location, use, and condition of the property; and any ultimate disposition data, including the date of disposition and sale price of the property.

B. Equipment: Equipment is defined at 2 CFR 200.33 as tangible, non-expendable, personal property having a useful life of more than one year and an acquisition cost of $5,000 or more per unit, although the recipient may establish a lower dollar amount threshold, through its written policies and procedures. This category includes only equipment the recipient proposes to purchase as a direct cost. (a) Equipment also includes accessories and services included with the purchase price necessary for the equipment to be operational.

C. Inventory:  No less than once every two years, the Business Office along with Technology Department shall cause a physical inventory of the property must be taken and the results reconciled with the property records at least once every two years.  

D. Control, Maintenance and Disposition:  The Superintendent shall develop administrative procedures relative to property procured in whole or in part with Federal funds to:

  1. prevent loss, damage, or theft of the property; Any loss, damage, or theft must be investigated;
  2. to maintain the property and keep it in good condition; and to ensure the highest possible return through proper sales procedures, in those instances where the District is authorized to sell the property. 

See Also: KRSD Policy DN-School Properties Disposal

 

Legal Reference:  2 CFR 200.33
Appendix Reference: DN-School Properties Disposal
First Reading:5/23/19
Date Adopted:  5/23/19 
Revision Dates:  
Last Review Date: