Governmental Accounting Standards requires all agencies to report inventory if they maintain significant inventories purchased by an individual fund. Significant inventories are items held for resale, consumed to conduct business, and/or consumed to provide a service with a total original cost of $10,000 or more. Please complete a physical count of the significant inventory on the last day of the fiscal year.
The total inventory cost and physical count as of June 30 is needed for the annual external audit and the reporting for the Annual Comprehensive Financial Report (ACFR). Please fill out and return the survey below with attached physical count documentation by July 31st. Make copies of the survey below if additional sheets are needed.
REMINDER: Keep all back up documentation for the auditors.
Thank you for your assistance in the production of the State’s Annual Comprehensive Financial Report. Should you have any questions, please contact the SAO Accounting Division at (307) 777-2460 or firstname.lastname@example.org