| Title: | Consumable Supplies Inventory Procedure |
|---|---|
| Procedure Owner: | Office of the Controller, Accounting Office |
| Applies to: | All University Departments |
| Campus Applicability: | Storrs and Regional Campuses |
| Effective Date: | 09/01/2016 |
| For More Information, Contact | Associate Controller and Director of Accounting |
| Contact Information: | (860) 486-3780 |
| Official Website: | http://accountingoffice.uconn.edu/ |
BACKGROUND AND REASON FOR PROCEDURE
An inventory of consumable supplies is reported annually to the Office of the State Comptroller (OSC) on the Annual Inventory Report of all Real and Personal Property (CO-59) form. Consumable supplies must be safeguarded and managed in order to prevent excessive spending and loss.
DEFINITIONS
Consumable supplies are defined as stock items used and consumed in the daily operations of a UConn department, such as food, cleaning supplies, lab animals, perishables, table or bed linens, repair parts, small tools, small appliances, and articles of a similar nature. Items should be new and unopened, and which will be used up within a year. Consumable supplies does not include capital equipment or controllable property equipment.
PROCEDURE
- For all departments with a consumable supplies inventory of $5,000 or more, a separate perpetual (continuous) inventory should be maintained.
- A physical inventory must be performed annually and reconciled to the inventory records by June 30th.
- A listing of consumable supplies must be reported to the Accounting Office within the Office of the Controller by July 15th. The inventory listing should include an item description, cost, unit of measure, quantity on hand, and a total cost for each item, by location/building.
- The inventory listing and signed Inventory Certificate Form may be sent by email or through the University mail service to the Accounting Office at U-1074.
FORMS/TEMPLATES
An Inventory Worksheet (Excel template) may be used to report inventory. Alternatively, departments may submit a report generated from an inventory system maintained by the department.
The Inventory Certificate Form is available on the Inventory Control website.