MINIMUM REQUIREMENTS

for

MAINTENANCE OF BUSINESS PROPERTY INVENTORY SYSTEM

Included herein are the minimum requirements for the development and operation of an agency property inventory system in accordance with Idaho Code § 67-5746.

1.	An inventory record shall be kept on all business property with values (either singly or as part of a set) in excess of $2,000. Additionally, "high pilferage" items (including those items to be covered under the Risk Management inland marine program) or other sensitive items should be tagged as deemed appropriate by the agency, even if the value is below $2,000.

2.	The inventory system should include the month and year the item was acquired.

3.	The acquisition cost or estimated fair market value of the item, whichever is more readily determinable, should be recorded. Current replacement cost for all items except automobiles must also be recorded. The value of automobiles should be shown as actual cash value, not replacement cost.

4.	The location of each item must be shown in enough detail to describe its location at least by building. In the case of mobile equipment, the location should be shown by the shop or office that has responsibility for the property.

5.	The inventory system must show a description of the item. (For those inventory systems which are computerized, the system should include the capability to sort property by type of property.)

6.	The inventory system must show the account or unit within the agency responsible for that property.

7.	The system must be capable of generating a replacement cost figure each year once the system is provided with an inflation factor from the Department of Administration.

As stated in Idaho Code § 67-5746, agency directors shall be responsible for conducting an annual inventory of all personal property by March of each fiscal year.

MINIMUM REQUIREMENTS

Nancy Spratt

2010-02-17

Joan Compton

Idaho Dept. of Admin