W. Va. Code R. § 135-30-12

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 135-30-12 - Receiving and Inventory Management

12.1. Receiving.

12.1.a. The chief procurement officer or director of procurement shall establish institutional guidelines and procedures for receiving and distributing materials, supplies, equipment, services and printing to departments and offices within the institution. These guidelines and procedures shall be consistent with this rule, and they shall be approved by the president, filed with the Vice Chancellor for Administration and shall be on file in the institution's purchasing office and made available to the public upon request.

12.2. Inventory Management.

12.2.a. The chief procurement officer or director of procurement shall inventory all equipment and furnishings that have a value at the time of purchase or acquisition of $5,000 or more per unit. Such inventory shall be kept current at all times. An institution may elect to inventory equipment and furnishings with a value less than $5,000 per unit.

12.2.b. The chief procurement officer or director of procurement shall set up and maintain the institution's inventory management system on the basis of generally accepted accounting standards. This system shall also conform to the requirements of the Commission, Council, the Governing Board, the state and the federal government as applicable.

12.2.c. The chief procurement officer or director of procurement shall conduct an audit of the institution's inventory, at a minimum, every three years.

W. Va. Code R. § 135-30-12