FIACCT 08-03_03 Inventory – Inventory Control – Donated Item

Effective: March 16, 1998
Revised: 

Purpose

This policy outlines the circumstances under which donated items should be brought into FINET Inventory Control.

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Policy

Donated items that have a value in excess of the materiality factor set by DAS – Finance and are determined to need inventory control, are to be purchased into FINET at fair market value using a Stock Return (SN) transaction. (For the materiality factor and the determination of fair market value, and any questions as to whether items should be brought under FINET Inventory Control, refer to the General Ledger policies and procedures and/or contact DAS – Finance for further clarification.) Donated inventory items and the accounting entries associated with their purchase into FINET will be accounted for at the agency level, under the supervision of the authorized agents and/or their designees.

Other donated items that do not require inventory control but that have a marketable value should be accounted for under the General Ledger policies and procedures.

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Procedures