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Title 2 . Administration
Chapter 12 . Public Information
Section 590. Supplies inventory records

2 AAC 12.590. Supplies inventory records

(a) State agencies shall submit inventory records as directed by the chief procurement officer. Inventory records must include the following:

(1) all nonconsumable supplies with a unit acquisition cost of more than $1000;

(2) supplies determined by the chief procurement officer to be sensitive, regardless of cost;

(3) lease purchase or installment purchase equipment or long term rental equipment; and

(4) supplies on loan for contractor or grantee use.

(b) Inventory records must be based on a physical inventory and adjusted for subsequent purchases, property traded in, transferred to another state agency, salvaged, or disposed of.

(c) A state agency may be required by the chief procurement officer to take physical inventory of supplies annually and at other times as the chief procurement officer directs.

(d) Theft of supplies valued at $500 or more shall be immediately reported to the appropriate law enforcement agency. All lost, stolen, or destroyed supplies shall be reported to the chief procurement officer by the agency.

History: Eff. 1/1/88, Register 104; am 3/30/90, Register 113; am 11/28/97, Register 144

Authority: AS 36.30.040

AS 36.30.070

AS 37.05.160

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Last modified 7/05/2006