For all equipment, furniture, or materials
valued in excess of $500 or that have a life expectancy of five years or
longer, an inventory must be kept, updated annually, and stored in a
fire-resistant vault or safe at the location, or stored online and backed up in
such a manner that it can be retrieved in the event that the electronic
equipment is destroyed. It is recommended that yearly DVD recordings be made to
accompany the inventory lists. Where feasible, all such items should be
permanently marked with the location’s name and an inventory number.
The inventory should contain a description,
the date of purchase, the cost of the item(s), the date of inventory, and the
quantity on hand as of the date of the inventory.