Effective: June 1, 2000
Responsible Office: Controller
Inventories are comprised of either of the following:
- items purchased explicitly for resale to external parties or other University departments,
- material used to produce items for resale to external parties or other University departments.
Items not meeting these classifications generally are not considered inventory. Items purchased that are not resold to external parties or other University departments should be considered supplies for that department. Generally, items that are purchased and consumed by the same department are considered to be supplies. Additional guidance and exceptions to this policy are made by the Controller's Office.
The department head is responsible to establish control and maintain security over an entire inventory of the department regardless of the location of the inventory. Responsibility also includes the proper valuation of inventory and for ensuring that detailed documentation is retained of the inventory valuation.