ANNUAL PHYSICAL INVENTORY Clause Samples
The Annual Physical Inventory clause requires that a comprehensive count and verification of all physical assets or inventory items be conducted once per year. Typically, this process involves systematically checking stock levels, reconciling records with actual quantities on hand, and documenting any discrepancies for further review or adjustment. By mandating a yearly inventory, the clause helps ensure accurate record-keeping, prevents loss or theft, and supports effective financial and operational management.
ANNUAL PHYSICAL INVENTORY. Each State/LEA is required to conduct an annual physical inventory of all property on the active property book and provide certification in the property accounting system. DEMIL “A” and “Q6” property records will not be closed during the annual physical inventory period.
a) Provide training to LEAs to properly conduct the annual physical inventory and complete the certification of property in the property accounting system.
b) Ensure an approved and current SPO is uploaded in the property accounting system for each LEA.
c) Validate the annual physical inventory certifications submitted by LEAs.
d) Adhere to annual physical inventory certification requirements as identified by the LESO. Physical inventories and certification statements will be maintained on file IAW the DLA records schedule.
e) Annually certify property is utilized and is within allocation limits IAW the MOA between the Federal Government and the State/U.S. Territory and this SPO .
f) Recommend suspension of program participants who fail to complete or submit the certified annual physical inventory.
ANNUAL PHYSICAL INVENTORY. Each State/LEA is required to conduct an annual physical inventory of all property on the active property book and provide certification in the property accounting system. DEMIL “A” and “Q6” property records will not be closed during the annual physical inventory period. In the State of Wisconsin the annual physical inventory and certification in the property accounting system process starts on July 1st and must be completed by August 31st. The State shall:
a) Provide training to LEAs to properly conduct the annual physical inventory and complete the certification of property in the property accounting system.
b) Ensure an approved and current SPO is uploaded in the property accounting system for each LEA.
c) Validate the annual physical inventory certifications submitted by LEAs.
d) Adhere to annual physical inventory certification requirements as identified by the LESO. Physical inventories and certification statements will be maintained on file IAW the DLA records schedule.
e) Annually certify property is utilized and is within allocation limits IAW the MOA between the Federal Government and the State/U.S. Territory and this SPO .
f) Recommend suspension of program participants who fail to complete or submit the certified annual physical inventory.
ANNUAL PHYSICAL INVENTORY. Each State/LEA is required to conduct an annual physical inventory of all prope1ty on the active property book and provide certification in the prope1ty accounting system. DEMIL "A" and "Q6" prope1ty records will not be closed during the annual physical inventory period.
a) Provide training to LEAs to properly conduct the annual physical inventory and complete the certification of prope1ty in the property accounting system.
b) Ensure an approved and current SPO is uploaded in the property accounting system for each LEA.
c) Validate the annual physical inventory ce1tifications submitted by LEAs.
d) Adhere to annual physical inventory certification requirements as identified by the LESO. Physical inventories and certification statements will be maintained on file IAW the DLA records schedule.
e) Annually ce1tify prope1ty is utilized and is within allocation limits IAW the MOA between the Federal Government and the State/U.S. Territory and this SPO .
f) Recommend suspension of program participants who fail to complete or submit the certified annual physical inventory.