FIXED ASSETS AND INVENTORY CONTROL

Control Objective: To ensure that fixed assets are acquired and disposed of only
upon proper authorization, are adequately safeguarded, and properly recorded.

Policies

* No equipment, furniture and fixtures shall be acquired, whether purchased,
donated or loaned, without prior approval of the Executive Director.

* No equipment, furniture or fixtures shall be disposed of or transferred from the
original location without the approval of the Executive Director.

Procedures

* A physical inventory will be completed annually. The results will be reconciled
to the property records to verify the existing current utilization and continued
need for the property.

* The Executive Director or Program Directors shall be responsible for conducting
an Annual Physical Inventory of all non-expendable property in their offices/program areas.

* All inventory shall be checked against the Master Inventory maintained in the
Business Office.

* This inventory shall be completed and submitted to the administrative office
by August 31st of each year.

* Lease and rental agreements can only be executed by the Executive Director.

* Agency supplies and equipment, including telephones, shall be used only by
employees and volunteers for organizational purposes.

* Policies for estimating the value of our collected art on t-shirts are $25 for
screen printed t-shirts and $100 for hand made or painted t-shirts. Other policies
regarding the value of our collection may be written in this section as needed and
approved by our Board of Directors.

* ARE all inventories of equipment, furniture and fixtures are covered under the
organization's insurance policies? In the event of damage or theft, the incident
shall be reported immediately to the Executive Director in case an insurance
claim can be submitted?

* All burglaries shall be reported immediately to the police and a police report
shall be obtained. A copy of the police report shall be retained in the Business
Office and a copy shall be saved for insurance purposes.

Manual Contents Page

Uptown Multi-Cultural Art Center (UM-CAC). Click here for contact Info or to E-mail UM-CAC at umcac@art-teez.org click here. Ph.773/561-7676

Introduction

SPW Art

T-shirts Sold