CHAPTER 7.00-BUSINESS SERVICES

7.05 Inventories And Property Records

The Superintendent or designee shall maintain an adequate and accurate record of all tangible personal property of the District. The record shall indicate the date of acquisition, the fund from which purchased, identification number, and property record number, and shall be consistent with all requirements of Florida Statutes and the rules of the Auditor General. School inventories shall be verified by the District administration at the Superintendent’s direction. 

Florida Statute, Chapter 274.02 prescribes that the Chief Financial Officer of the Florida Department of Financial Services shall establish by rule the requirements for the recording of property and for the periodic review of property for inventory purposes. Equipment acquired under a Federal award must comply with Uniform Guidance: 2 CFR 200.312 - .313. The District capitalization thresholds for all property which must be controlled by the property accounting system is any property of non-consumable nature, the value or cost of which is: 

a. Effective prior to 7/1/2022: $1,000 or more and the expected useful life of which is one year or more. 

b. Effective on or after 7/1/2022: $2,500 or more and the expected useful life of which is one year or more. 

(1) All tangible property shall be listed that has a value or cost as established by Florida Statutes or State Board of Education rules. The principal shall notify the District office of all removals, transfers, and receipt of donated or purchased property that meets criteria for being recorded as a fixed asset in order to update records and of all new equipment. 

(2) Property inventories shall be performed annually. It shall be each principal's duty to designate a person to make an annual inventory of all school property within his/her building(s). This report shall include recommendations for the disposition of obsolete and surplus equipment and equipment beyond economical repair. Such inventory shall be filed with the District office either at the time designated in writing by the property control officer or at the time of any principal’s resignation.

(3) Any incoming principal and the property control officer shall make an inventory of all school equipment when the new principal assumes the duties of the position. This inventory shall be checked against the last inventory made at the school and a report shall be filed with the District office to identify any shortages or discrepancies. 

(4) The principal shall also be responsible for taking inventories of properties not covered in subsection (1) herein such as student furniture, library books, films and tapes, and other materials as deemed appropriate. These inventory records, shall remain on file in the individual school. 

(5) The Superintendent shall prescribe the procedures for the accountability of property as defined in Florida Statutes. 

(6) All equipment purchased by the various District organizations or by outside organizations for District use shall become School Board property and shall be recorded and inventoried in the same manner as all other equipment of a similar nature. 

(7) The principal shall keep an inventory of all equipment in his/her school on forms provided by the property control officer. 

(8) The Superintendent or designee shall maintain a current and perpetual inventory of all stock in School Board warehouses, and shall file an annual end-of-the-year report of the count and value of such items with the Finance Department. 

(9) The Superintendent shall report to the School Board any property that has been lost or stolen if recovery is not made by the next regular School Board meeting after the discovery of the loss or theft. Such report shall include a recommendation for inactivation of the property record and information concerning possible personal liability which may be appropriate as the circumstance of the loss or theft may indicate. 

STATUTORY AUTHORITY : 1001.42, F.S. 

LAWS IMPLEMENTED: Chapter 274; 1001.43, F.S. 

STATE BOARD OF EDUCATION RULE: 6A-1.087 

History: 

Adopted: January 14, 1999 

Revision Date(s): October 7, 2003; February 14, 2023 

Formerly: