[Icoord] Annual Inventory Process

[Max George]

Agency Insurance Coordinators,

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 2021.

Attached is 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 1.2% inflationary factor to your existing business personal property values for FY21.  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 2021 Acknowledgement of Completion of Business Property Inventory form to the Department of Administration via email to max.george at adm.idaho.gov<mailto:max.george at adm.idaho.gov>.  Acknowledgement forms must be received by March 5, 2021.

As always, we appreciate your assistance complying with this annual task.  Should you have questions, please feel free to contact me.

Regards,

Max George
Risk Analyst
Risk Management Program
State of Idaho, Department of Administration
Max.George at adm.idaho.gov<mailto:Max.George at adm.idaho.gov>
(208) 332-1848

Risk Management Mission:  We protect Idaho State assets and employees by providing services and resources that minimize the risk of loss.

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