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Document
Establishing an Effective Supplier Diversity Program
Year Created: 2022
DOCUMENT
POL - Fixed Asset Tracking 2002
- YEAR CREATED: 2002
- ENTITY TYPE: County
- TYPE OF DOCUMENT: POL - Policies/Procedures
- Management
- Policies and Procedures
This document is a procedural memorandum titled "Accountability of Fairfax County's Personal Property." It outlines the procedures and guidelines for conducting spot checks and physical inventories of the county's property assets.
According to the document, the Department of Purchasing and Supply Management (DPSM) has the authority to conduct spot checks on any or all county and Fairfax County Public Schools (FCPS) physical inventories before the reconciliation process. This is done to verify the items listed as being in possession of the agency or location.
If the physical inventory accuracy rate falls below 94 percent and the gross inventory adjustment rate exceeds 6 percent, the county or FCPS may be required to perform a complete physical inventory every 6 months until internal controls are restored. Additionally, DPSM may conduct quarterly spot checks until the inventory accuracy meets the county's standards for two consecutive quarters. Remedial actions may be applied to specific problematic divisions or work centers rather than the entire agency account.
The document also explains the process of spot checks, where the Property Accounts Section verifies 100 percent of the items on a computer-generated listing (Dollar Unit Sampling) and an additional 10 percent of randomly selected items. If the spot check inventory accuracy rate falls below 94 percent and the gross inventory adjustment rate exceeds 6 percent, the agency may be required to perform a complete physical inventory within 30 working days.
The document lists several factors that can impact the accuracy rate and inventory adjustment rate, such as accountable assets not found, missing acquisition or transfer information, assets purchased using incorrect subobjects, and accountable assets found but not documented for the agency.
The Property Accounts Section is responsible for notifying the Director of DPSM when county agencies are delinquent in performing periodic inventories or fail to meet the inventory accuracy and adjustment standards. Similarly, the FCPS Director of Supply Operations is notified when FCPS locations are delinquent or fail to meet the inventory standards.