Upcoming Webinars
Access the latest trends and insights shaping the profession—free for members.
.png)
 (1).jpg)
_1.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.png)
.jpg)
.jpg)
.jpg)
Document
RFQ 25-30 Towing, Storage and Disposal Final.pdf
Year Created: 2025
DOCUMENT
PROCEDURE - Accountable Equipment 2005
- YEAR CREATED: 2005
- ENTITY TYPE: County
- TYPE OF DOCUMENT: POL - Policies/Procedures
The document provides information about the procedures and standards for conducting physical inventories and spot checks of personal property in Fairfax County and Fairfax County Public Schools (FCPS). The document outlines the gross inventory adjustment rate, which is the maximum acceptable rate of adjustment before reconciliation, and explains how it is calculated. It also states that the Department of Purchasing and Supply Management (DPSM) has the option to conduct spot checks on any or all physical inventories to verify the accuracy of the items listed.
The document further explains the consequences for departments or locations that do not meet the inventory accuracy and gross inventory adjustment standards. If a department's physical inventory accuracy rate falls below 96 percent, it is considered unacceptable and may require a meeting with management to discuss improvements. If the gross inventory adjustment rate exceeds 3.0 percent, the department may be required to perform a complete physical inventory every 6 months until internal controls are restored. DPSM may also conduct quarterly spot checks until the account accuracy meets the minimum standards for two consecutive quarters.
The document also mentions the factors that can impact the accuracy rate and gross inventory adjustment rate, such as acquisition, transfer, or deletion information not received by the Property Accounts Section, accountable equipment purchased using an incorrect subobject, accountable equipment not found, or accountable equipment found but not documented for that department. It states that the Property Accounts Section will notify the Director of DPSM or the FCPS Director of Office of Procurement Services when departments or locations are delinquent in performing their inventories or fail to meet the inventory accuracy and gross inventory adjustment standards.