SECTION 260:80-1-11. Inventory control and accounting systems

(a)   Inventory Control System.

(1)   The agency shall use, maintain and support an automated inventory control system to document and track property receipt, warehouse location, transfer, sale, utilization and disposal.

(2)   The Agent shall assign an inventory control identifier to property so that the inventory control system shall recognize the quantity received, property location, quantity distributed, service charges and other information the Agent requires.

(3)   The Agent shall conduct an annual physical inventory of property on-hand. The Agent shall reconcile physical inventory findings to system produced records and report results to the GSA.

(4)   The Agent may retain surplus property for use in operating the donation program in conjunction with an active cooperative agreement with GSA. However, the Agent will obtain GSA approval prior to using surplus property for agency use. Records of property approved for agency use will be maintained separately and apart from records of inventory of donation property.

(b)   Accounting System.

(1)   The Agent shall record and maintain financial records in an accounting system. The Director and the Agent shall adhere to methods the State Auditor and Inspector and state finance officials prescribe for the accounting system. System records shall indicate payments due and received for property to accurately indicate donee accounts status including balances due to the agency.

(2)   The accounting system shall review accounts on a periodic basis so that the Agent may identify accounts that may become past due.

(3)   The Director and the Agent shall ensure that the system provides financial information that the Director and Agent may use to evaluate agency financial performance.

[Source: Added at 31 Ok Reg 1482, eff 9-12-14]