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Administrative Procedure 8.636 Administrative Procedure 8.636



Title

Supply Inventory

Header

Administrative Procedure Chapter 8, Business and Finance
Administrative Procedure AP 8.636, Supply Inventory
Effective Date:  April 2016
Prior Dates Amended:  January 2002    
Responsible Office: Office of the Vice President for Budget and Finance/Chief Financial Officer
Governing Board and/or Executive Policy: EP 1.102, Authority to Manage and Control the Operations of the Campus  
Review Date:  August 2018

I. Purpose

This instruction explains what inventorial supplies are, what they are used for, and the process for reporting supply inventory assets at fiscal year-end.

II. Definitions

Inventorial Supplies – Un-issued materials or un-sold merchandise from units such as central stores, department storeroom/stockrooms, production facilities, health centers, food service units, printing/press operations, etc. which are charged to other departments, external agencies or customers as part of departmental operations.

III. Administrative Procedure

A.  Inventorial merchandise and supplies shall be subject to an annual inventory and valuation.

B.  Values are to be based on cost utilizing generally accepted accounting principles, e.g. First-In First-Out or weighted average.  If cost cannot be readily determined, any other method consistently applied which reflects renewable valuation should be used.

C.  Annually the Fiscal Administrator shall submit a year-end journal entry to record the value of the inventory at June 30.  Refer to AP 8.671 Year-End Accounting Data.

D.  Programs should maintain internal records for control of non-inventorial supplies.  These records will not be required for financial reporting.

IV. Delegation of Authority

There is no administrative specific delegation of authority.

V. Contact Information

General Accounting and Loan Collection, 956-8278, or uhgalc@hawaii.edu
Website:  http://www.fmo.hawaii.edu/general accounting/index.html

VI. References

    A. Link to superseded Executive Policies in old format https://www.hawaii.edu/policy/archives/ep/
    B. Link to Administrative Procedures in old format https://www.hawaii.edu/policy/archives/apm/sysap.php

VII. Exhibits and Appendices

None

Approved

    Signed    
    Kalbert Young    
    April 21, 2016    
    Date    
    Vice President for Budget and Finance/Chief Financial Officer

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