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INVENTORY POLICY

Effective December 5, 1999
Purpose To set forth departmental policy regarding the inventory of tangible personal property and real property. To ensure the adequate safeguarding of the departments assets.
Authority ORC 125.16
ORC 125.831
DAS Directive 04-27
Reference OBM Fixed Asset Accounting Policies for Financial Reporting
Resource Office of Budget and Finance - Inventory Control Specialist

Definitions

Tangible personal property is all property that has real existence (physical) and a useful life of two years or more, excluding real property and intangible personal property, such as software and copyrights. Tangible personal property includes, but is not limited to equipment, machinery, furniture, and non-licensed vehicles, including renovations and improvements thereon. Tangible personal property is considered real property (building fixtures) when permanently attached and made part of a building in such a way that removal alters the intended use of the facility or site. Thus it becomes subject to real property inventory reporting threshold.

Real Property is defined as land, and whatever is erected or affixed to land, excluding infrastructure. Major classifications of real property are land, land improvements and buildings. Land improvements include, but are not limited to landscape, sidewalks, parking lots, shelters, storm sewers, towers, storage tanks, etc. Buildings include, but are not limited to improvements and renovations thereon.

Infrastructure is defined as including public domain, basic facilities, and installations that are immovable, owned by the state government and exist primarily for public use. Infrastructure includes, but is not limited to state highways, bridges, and associated assets; land upon which state highways and right-of-ways are built; canals; roadside rest areas, and associated buildings; wildlife preserves; marinas, and freestanding historical monuments. Also, land improvements within a state park, such as bridle paths, sidewalks, jogging paths, golf courses, marinas, etc., are considered as infrastructure because they exist primarily for public use. Inventory of infrastructure as defined is not required to be inventoried.

Inventory Label is defined as a self-adhesive tag or comparable electronic medium device used to safeguard and identify inventoried tangible personal property with an agency unique, serialized asset ID number by affixing it to an asset. The asset ID number appearing on the tag must be in a bar code format by the close of state fiscal year 1999. The tag using the bar code format for its asset ID number will always be accompanied with the human readable asset ID number.

Security Label is defined as a self-adhesive tag not having a serialized asset ID number and is affixed to tangible personal property. Its purpose is to safeguard and identify non-inventoried tangible personal property as assets of an agency and the state. Items that are below the required thresholds may be tagged and entered into the Department Fixed Asset System in place of using the Security Tag.

Criteria

Inventory Item

Thresholds Method of Tracking
Tangible Personal Property inventory threshold >$300 Department Fixed Asset System
Sensitive Property
  1. Audio Visual Equipment
  2. Audio Equipment
  3. Communications Equipment
  4. Antiques
  5. Data Processing Equipment (excluding DP software)
  6. Surveillance Equipment
  7. Power Tools
  8. Moveable Works of Art
> Regardless of cost Department Fixed Asset System
Security Tag >Optional, recommended for items below Division/Office threshold  
Firearms Regardless of cost Department Fixed Asset System
Licensed Vehicles including trailers Regardless of cost DAS Fleet Management System
Complete physical Inventory of Tangible Personal Property Annually  
Land Regardless of cost Department Fixed Asset System
Buildings Regardless of Cost Department Fixed Asset System
Buildings Improvement and Renovation Regardless of Cost Department Fixed Asset System
Land Improvements Regardless of Cost Department Fixed Asset System
Improvement and Renovation to an existing Land Improvement Regardless of Cost Department Fixed Asset System

Entry into the respective system shall be within 3 working days.

Identifying Property

All tangible personal property that is required to be inventoried by this policy shall each be affixed with an inventory label, except where the following items or conditions apply:

  1. Licensed vehicles
  2. Internal components of an original asset
  3. Items not having an appropriate outside surface area or other physical configuration to allow placement of an inventory label
  4. Assets subject to environmental conditions not allowing the inventory label to remain affixed to the items throughout their useful life
  5. Modular furniture that requires attachment to other modular furniture in order to perform its intended function
  6. Antiques and/or museum items

An alternate method of etching or stenciling the inventory record number onto an asset can be used instead of an inventory label when one of the above conditions applies to its tangible personal property.

An asset that has internal parts that are necessary to the functioning of the asset are not required to be separately inventoried, and can be considered to be all one asset (inventory record) providing all of the following applies:

  1. The internal parts are acquired to place the asset into service and function as required.
  2. The life and utility of the internal parts are mainly dependent on that of the asset, even if the acquired dates and vendors are different for each item.
  3. The cost of each part is included in the aggregate total of the inventory record.
  4. The internal parts are included in the description of the inventory record.

Should an internal part be acquired and installed for an asset after it has been placed into service and is functioning as intended, then any subsequent internal parts are considered as separate components and are inventoried separately as a component record.

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