Section 30. Inventory control and accounting system

A. Property accountability.

1. Accountability records will be maintained on all federal property transferred to the State Agency, recording receipts, issues, balances, date, and document number. This documentation is by one or more federal stock groups.

2. A separate inventory card will be maintained for all items with an original acquisition cost of $5,000 or more and passenger motor vehicles. The inventory records are separate from the records of items of less than $5,000.

B. Receiving and verifying property.

1. When property is received, a physical inspection and count is made and checked against the approved federal Form SF-123 or available shipping documents. Receiving notations will be made on the document.

2. When differences are discovered, an overage and shortage report will be prepared and submitted to the federal General Services Administration (GSA) regional office under the provisions FMR 102-37.70 and 41 FMR102-37.350. In cases of an overage of $500 or more, or estimated per line item, it will be listed on a SF-123 and submitted to the GSA regional office.

3. Property items received and issued are posted to the inventory card. Posted transactions show date, document number, receipts, issues, and balance. It refers to the identified receiving and issue document and therefore provides the item history.

4. A verification of property on hand will be accomplished each year with a physical inventory. A written list identifying the items is prepared and checked with the inventory card. Inventory differences that cannot be accounted for by the distribution center supervisor will be reported to the State Agency manager and adjustments may be made only with the manager's written approval. All reasonable efforts to reconcile the differences will be made before adjustments are approved. A verification of items with an acquisition cost of $5,000 or more and passenger motor vehicles will be made at least two times each year.

5. All property distributed by the distribution center is issued on the form "Distribution Document and Invoice" Exhibit 1, 1VAC30-120-150. Property picked up directly from a holding agency by a donee is issued on the form, "Surplus Property Transfer Document" Exhibit 2, 1VAC30-120-150.

C. Fiscal accounting system.

1. The State Agency will accept payment for services only in the form of checks, warrants, or interdepartmental transfer invoices, drawn or issued by, and in the name of, the approved donee. All receipts are deposited with the Treasurer of Virginia to the account of the Special Fund. All disbursements are made by the Treasurer from the account on receipt of invoices properly certified to the State Comptroller. In addition, the State Agency has an approved petty cash fund.

2. The fiscal accounting system is acceptable to the Department of General Services (DGS), Division of Purchases and Supply, and approved by the State Comptroller, along with other DGS fiscal systems. The system is composed of a chart of accounts, a donee jacket type account receivable subsidiary ledger, receipts ledger which accounts for all cash received, and a general ledger which accounts for all assets, liabilities, and expenses. An accrual statement of profit and loss and a balance sheet is prepared at the close of each month.

3. The fiscal accounting records are maintained as a separate Special Fund by the Department's Bureau of Fiscal Services accounting for all revenues, disbursements, assets, and liabilities.

Historical Notes

Derived from VR330-04-03 §III, eff. September 20, 1984; amended, Volume 29, Issue 17, eff. May 22, 2013.

Statutory Authority

§ 2.2-1123 of the Code of Virginia.