Obsolete and inactive items should be liquidated promptly to minimize losses. When an item qualifies for stocking, but its use is controlled by a single user, a commitment should be obtained that if the material becomes obsolete or its use is discontinued, any liquidation costs for remaining stock will be to the user. Every effort must be made to minimize such charges. Standardization is to be encouraged on those item fulfilling a required function at the lowest cost by continuing analysis of requisitioner needs. Adequate safeguards should be provided to protect University supply inventories from pilferage or other loss.
Inventories are to be verified by physical count at least annually, preferably on a cyclical basis.
Stock adjustments are to have the signed approval of the Materiel Manager or designee who must not be the individual responsible for the inventory. Large adjustments shall be supported by an explanation. Requisitioners are allowed to return excess materials to inventory for credit providing they are in like-new condition suitable for reissue. An equitable restocking charge may be established. Temporary inventories may be on hand for particular contract or grant funded projects or programs.