INVENTORY

 The Smithfield School Committee expects that an effective and efficient district-wide management program for the recording, inventorying, and accounting of property owned by Smithfield Public Schools is maintained and aligned to the conditions set forth in this policy.  This inventory policy applies to all district-owned property that is required to be inventoried.  This includes items received through grants, gifts, or donations.

 It is the policy of Smithfield Public Schools to maintain an accurate inventory of district-owned property.  Such an inventory ensures that assets are protected and that sound decisions about replacements of assets can be made. To this end, the Superintendent shall establish an inventory management program to ensure effective oversight of such property owned by the District.  In an effort to reinforce transparency and facilitate effective business practices, the program, at a minimum shall ensure that a district-wide inventory of property covered by this policy is conducted annually in June and shall include the following:

 Assigned asset number, code, or barcode

1. Item Description & Quantity

2. Brand and Model Number

3. Serial Number (if appropriate)

4. Location (building/classroom number/office, etc.) 

5. Acquisition date

6. Acquisition Cost

7. Funding Source (i.e. local, Title I, Perkins, etc.)

8. Picture (if possible)

9. Any other information as required for inventory of equipment purchased with federal grant funds

REPORTING REQUIREMENTS:  The Superintendent or his/her designee shall be required to submit an annual report each December to the School Committee regarding inventories conducted.

THRESHOLDS:  The following thresholds shall be used for inventories.  Removing any item from inventory shall be done following policy DN (School Properties Disposition).

A.   All equipment with an initial cost of $5,000 or more.

B. All items purchased with Federal or State grants with an initial cost of $500. 

C. All computers, laptops, Chromebooks, and tablets.

D. Other technology-related hardware as determined by the Technology Director to be an asset to the district.

E. All vehicles and custodial equipment, including floor cleaners, vacuums, and power equipment.

F.  All textbooks.

RESPONSIBILITIES:  All district employees are responsible for the care and management of district-owned property assigned to him or her.  This includes responsibility for safeguarding and ensuring proper use and notifying supervisors of loss, theft, damage, or destruction of assigned district-owned property.

 Supervisors with budgetary authority shall inventory all non-technology equipment and submit the inventory to the Director of Finance in accordance with the established schedule by October 15. The Director of Technology shall submit the annual inventory of technology equipment to the Director of Finance by October 15. Those managing grant funds shall be responsible for submitting inventories for items purchased with such grant funds.

 In addition, supervisors with budgetary authority are responsible for implementing measures to ensure that loss, theft, misuse, or abuse of district-owned property is kept to a minimum. This may include tagging district-owned, submitting inventory reports as required, and reporting any suspicion of fraud, waste, theft, and/or abuse of district-owned property.

IDENTIFYING INVENTORIABLE ASSETS:  Tagging and recording of district-owned property is the responsibility of supervisors with budgetary authority.  Whenever possible, all district-owned property shall be affixed with a Smithfield Public Schools asset tag (barcode) that shall serve as the key identifier for the property throughout its lifecycle with the District.  Some district-owned property by the nature of its design cannot be physically tagged. The item, however, shall be assigned an identification number or code by the office responsible for asset management and will be accounted for in the same manner as tagged items.

Any changes to inventory records as a result of acquisition, loss, theft, damage, destruction, etc. must be made by the supervisor with budgetary authority and submitted to the Director of Finance.  A copy of inventory records shall be kept on file at the location and made available for review by the Superintendent or his/her designee upon request.

ADOPTED:   May 18, 2020

REVISED:  October 21, 2024