Policy DAF-6
Administration of Federal Grants - Inventory Management: Equipment and Supplies Purchased with Federal Funds
School Board Approved: April 19, 2021
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.
“Equipment” and “Pilferable Items” Defined
For the purposes of this policy, “equipment” means tangible personal property (including information technology systems) having a useful life of more than one year and an acquisition cost which equals or exceeds the lesser of $5,000, or the capitalization level established by the District for financial statement purposes. “Pilferable items” are those items, regardless of cost, which may be easily lost or stolen, such as cell phones, tablets, graphing calculators, software, projectors, cameras and other video equipment, computer equipment and televisions.
Records
The superintendent 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.
Inventory
No less than once every two years, the superintendent shall cause a physical inventory of all equipment, and pilferable items to be taken and the results reconciled with the property records at least once every two years. Except as otherwise provided in the policy DAF-6, inventories shall be conducted consistent with Board policy DID.
Control, Maintenance and Disposition
The Superintendent shall develop administrative procedures relative to property procured in whole or in part with federal funds to:
Legal References:
2 CFR 200.33