| Southern Local School District |
| Administrative Guidelines |
7450 - PROPERTY RECORDS AND INVENTORY
The Board of Education has recognized the necessity for maintaining an accurate and complete inventory of all buildings and equipment and the replacement valuation thereof in order to offer proof of loss in the event of an insurance claim.
| A. | All property shall be inventoried annually. Each kind of fixed asset having an estimated life of one (1) year or more shall be inventoried. | |
| B. | Permanent inventory record shall be maintained current on a annual basis describing each unit, its cost, and location or disposition. The principals shall conduct an annual inventory to ascertain the location of major fixed assets in their building. Any loss shall be reported to the Treasurer. | |
| C. | Government equipment obtained as surplus at no cost to the District is to be maintained, but shall carry no value on the records of the District. This equipment shall be requested only if it fills a valid need of the District and may not be employed for personal use. | |
| D. | Equipment purchased in the performance of a Federally sponsored project may belong to the U. S. Government, and in such cases may be protected in behalf of the U. S. Government. However, the District is not responsible for fire, theft, and the like where all reasonable precautions have been taken to protect such equipment. |