External Affairs :: Policies & Procedures

Merchandise purchased for resale or giveaway must be accounted for properly to comply with internal audit and IRS guidelines.  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. Inventory items paid by check requests will be identified by the Expenditure Control Department staff and a memo and inventory report form will be sent to the unit/department for completion.  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 account number used for the expense (on the check request).

Auditors require this as part of our internal controls, and will from time to time take an actual count of inventory.  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.