[Icoord] FY2014 ANNUAL INVENTORY PROCESS

[Joan Compton]

Good afternoon,

In accordance with Idaho Code Section 67-5746, each agency  is required to conduct an annual inventory for all business personal property which the agency owns or is responsible for whether under terms of any contract, grant, or otherwise. The Department of Administration is responsible for verifying that each agency has completed its inventory.  This annual process begins in January and is to be completed by the end of the first week of March.

We have enclosed a copy of the Minimum Requirements for Maintenance of Business Property Inventory System to help you determine what items must be inventoried. (Please note that this statutorily required inventory process is not the same as the property information required for insurance coverage and renewal.) Please apply a two and one half percent (2.5%) inflationary factor to your existing business personal property values for FY 14.  The inflationary factor is not applied to new acquisitions.

Once your annual inventory of business personal property has been conducted, each agency insurance coordinator must complete and return the attached 2014 Acknowledgement of Completion of Business Property Inventory form to the Department of Administration via email to joan.compton at adm.idaho.gov<mailto:joan.compton at adm.idaho.gove>. Acknowledgement forms must be received by March 7, 2014.


As always, we appreciate your assistance complying with this annual task.  Should you have questions, please contact Joan Compton at 332-1872 or at the e-mail address provided above.

Thank you


Joan Compton, Risk Management Analyst
State of Idaho
Idaho Department of Administration
Risk Management Program
650 W. State Street, P.O. Box 83720
Boise, Idaho 83720-0079
208-332-1872
208-334-5315 Fax
joan.compton at adm.idaho.gov


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