The University of Georgia Foundation Inventory Control :: Expenditure Control :: UGA Foundation

 


Inventory Control

POLICY: 8.14
Effective Date: 01/01/2004
Last Updated: 12/02/2009

Merchandise purchased with Foundation funds for resale or giveaway must be accounted for properly to comply with internal audit and IRS guidelines. Inventory reports should be submitted to the Foundation at least quarterly. If a unit / department has a business need for maintaining large quantities of inventory, then an inventory plan should be submitted to the Expenditure Control Department in the Office of Financial Services for pre-approval. This inventory plan should include written procedures for ordering merchandise, selling merchandise, business purpose and identify the inventory control person(s) for that unit/department. This information should be maintained within the department and an accurate count of remaining inventory must be reported quarterly. Otherwise, inventory items paid by Foundation check requests will be identified by Expenditure Control Department staff and a memo and inventory report form will be returned to the unit/department for completion. An inventory report must be submitted each quarter until all items purchased are consumed. Please note that if items are for resale, the resale value can not exceed the cost and the proceeds must be deposited into the original Foundation account number used for the expense (on the check request).

The Foundation auditors require this as part of our internal controls and will from time to time take an actual count of inventory. Inventory reports are due quarterly and if campus does not comply with inventory rules and guidelines, then the Foundation reserves the right to revoke specific units'/departments' privilege of retaining on site inventory.