1. All items currently valued in excess of $500 (Education Code 35168)
2. All items purchased with federal funds that have a useful life of more than one year with an acquisition cost per unit of $5,000 or more (34 CFR 80.3)
(cf. 3270 - Sale and Disposal of Books, Equipment and Supplies)
(cf. 3290 - Gifts, Grants and Bequests)
(cf. 3512 - Equipment)
The Superintendent or designee shall maintain an inventory of all property. The following information must be recorded: (Education Code 35168)
1. Name and description of the property
2. Name of titleholder
3. Serial number or other identification number
4. Cost of the property (a reasonable estimate may be used if original cost is unknown)
5. Acquisition date
6. Location of use
7. Any ultimate disposition data including the date and method of disposal and sale price
The following information must also be recorded for items acquired with federal funds: (34 CFR 80.32)
1. Source of the property (funding source)
2. Use and condition of property
3. Percentage of federal participation in the cost of the property
Once a year, a physical inventory shall be conducted and the results reconciled with the property records. (34 CFR 80.32)
Copies of all district inventories shall be kept at the district office.
Legal Reference:
EDUCATION CODE
35168 Inventory of equipment
CODE OF REGULATIONS, TITLE 5
3946 Control, safeguards, disposal of equipment purchased with consolidated application funds
16022-16023 Classification of records
16035 Historical inventory of equipment
UNITED STATES CODE, TITLE 20
2301-2414 Carl D. Perkins Career and Technical Education Act
CODE OF FEDERAL REGULATIONS, TITLE 34
80.1-80.52 Uniform administrative requirements for grants to state and local governments
Management Resources:
CALIFORNIA DEPARTMENT OF EDUCATION PUBLICATIONS
California School Accounting Manual, 2008
OFFICE OF MANAGEMENT AND BUDGET COMMUNICATIONS
Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, rev. May 10, 2004
WEB SITES
California Association of School Business Officials: http//www.casbo.org
School Services of California, Inc.: http://www.sscal.com
White House, Office of Management and Budget: http://www.omb.gov
Regulation LOS GATOS UNION SCHOOL DISTRICT
approved: February 11, 2003 Los Gatos, California
revised: November 4, 2009