All agency directors shall develop and maintain an inventory system, meeting minimum requirements as set forth by the department of administration, for all personal property which the agency owns or is responsible for whether under terms of any contract, grant, or otherwise.
To maintain uniformity among the various agency property inventory systems, the department of administration shall develop and distribute to each agency minimum requirements for each inventory system. Each agency shall feel free to add additional functions beyond those minimums to meet their requirements. The inventory shall be recorded in a permanent record to be kept for that purpose, showing as a minimum a description of the property, where located, acquisition cost or estimated fair market value, and date of acquisition, its estimated current replacement cost, and the account or unit within the responsible agency. Each agency may add additional functions beyond these minimums to meet their agency requirements.
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Terms Used In Idaho Code 67-5746

  • Contract: A legal written agreement that becomes binding when signed.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Personal property: All property that is not real property.
  • Personal property: includes money, goods, chattels, things in action, evidences of debt and general intangibles as defined in the uniform commercial code — secured transactions. See Idaho Code 73-114
  • Property: includes both real and personal property. See Idaho Code 73-114
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
Each state agency director shall be accountable for the maintenance, security, and efficient economic use, as well as the verification of physical location and condition of all personal property belonging to that agency.
The agency director shall be responsible for conducting an annual inventory of all personal property by no later than the first day of March of each fiscal year. Further, each agency director shall make a written report to the director of the department of administration that the inventory has been completed by the end of the first week of March of each year on a form developed by and under such guidelines as are issued by the department of administration.
The department of administration shall provide all agencies with an inflation factor for property in early January of each year to assist agency directors in discharging the responsibility set forth herein.
Each agency director may appoint a property control officer who shall be responsible for conducting the annual inventory of agency property. The property control officer shall also be responsible for ensuring the prompt recording of newly acquired property and the economical disposition of surplus property in a timely manner. The property control officer shall periodically review the values of property for reasonableness.
The agency director shall have the authority to dispose of surplus property in accordance with the provisions of section 67-5732A, Idaho Code.