Fiscal Year-End Inventory
As part of the year end closing procedures, the College is required to get an accurate count and valuation of all inventory.
- Departments with identified inventory must perform a physical count of their inventory as of June 30 unless other arrangements are cleared through the Controller’s office.
- Inventory should be valued using its historical cost (the cost at which it was purchased).
- If the inventory has decreased in value for the fiscal year, the difference will be charged to the department.
- If the inventory has increased in value for the fiscal year, the difference will be credited to the department.
- A memo is sent early in May to inventory managers. This memo will include reporting deadlines as well as things to consider when planning the count.
- Contact Eileen Gerenz with questions about valuing inventory or inventory procedures.