Page 24 - HCSD SOPandIC Manual

HINDS COUNTY SCHOOL DISTRICT
Standard Operating Procedures and Controls Manual

Title Inventory

Subtitle: Equipment Identification and Accountability

Purpose: To maintain a fixed asset inventory as per GAAP, audit guidelines, and for insurance
purposes.

Reference: DM – Fixed Assets Policy
Property Control Policy and Procedure Manual

Procedure:

NEWLY PURCHASED ITEMS

When equipment items costing $500.00 or more are received, each department must complete the Fixed
Asset section of the Form B. All information can be obtained from the Receiving Slip and/or the Purchase
Order.

When completing the section, describe the item completely and insert the serial number if applicable.

An asset number will be assigned. An inventory tag, if used and a copy of the asset form will be returned
to the principal/ department for filing. It is the responsibility of the principal/supervisor to ensure the tag
is attached to the equipment.

An Inventory of fixed assets will be maintained and continually updated by the Business Office.

TRANSFERS AND DISPOSAL OF EQUIPMENT

When equipment is moved on a permanent basis the building principal/designee of the location currently
housing the item is responsible for advising the business office in writing of the transfer out. It is the
responsibility of the principal/ designee of the building receiving the item to notify the business office of
the location within his/her building that the item has been placed.

A completed description inclusive of serial number will be sent to the school business administrator in
writing when requesting disposal of equipment.

The Business Office will use this copy to update the Inventory.

Form D -Transfer Form (Revised 042115)

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